The stock price of Kosdaq-listed corporation Padu is weak in the early session on the 23rd. This is attributed to the selling pressure following reports that Padu and the officials from the underwriting agency were referred to the prosecution in relation to allegations of 'inflated listings' last year.
As of 9:28 a.m. on this day, Padu is trading at 13,690 won, down 1,020 won (6.93%) from the previous trading day.
The day before, the Financial Supervisory Service (FSS) applied charges of violating the Capital Markets Act against Padu, which inflated its corporate value while hiding a sharp decline in sales, and individuals associated with NH Investment & Securities, the underwriting agency, and referred the case to the prosecution.
Semiconductor design corporation Padu was listed on the Kosdaq in August last year with a corporate value exceeding 1 trillion won. Originally, the estimated annual sales figure for 2023 submitted by Padu in its securities registration was 120.2 billion won, but the actual sales reported after the earnings announcement were only 59 million won in the second quarter (April to June) and 320 million won in the third quarter (July to September).
The investigation results from the Special Investigative Unit revealed that Padu's management concealed the fact that a significant decline in sales was expected due to decreased and halted orders from major clients since the end of 2022, and raised pre-IPO investments just before applying for the preliminary listing review in February last year.