Jung Woo Sung, Lee Jung Jae’s company Artist United accused of insider trading; Agency clarifies Squid Game actor not under probe

Jung Woo Sung and Lee Jung Jae’s agency, Artist Firm (a subsidiary of Artist United), is at the 2d going through scrutiny attributable to allegations of insider stock procuring and selling. On the replacement hand, the company has released a assertion clarifying that there is no longer any wrongdoing on their part, emphasizing that the Squid Game actor is no longer any longer under investigation but is merely cooperating with authorities.

In line with fresh stories, shares of Artist United (formerly identified as Widerplanet) like plummeted by 20%, sparking concerns among particular person customers. This racy decline has fueled allegations of insider procuring and selling linked to the company.

Stories indicate that definite americans, expecting Lee Jung Jae and Jung Woo Sung’s acquisition of Widerplanet in 2023, allegedly manipulated the stock to inflate its payment for personal revenue. Authorities suspect that these americans deliberately boosted the stock tag for financial fetch. The topic is at the 2d under investigation.

Because the greatest shareholder, Lee Jung Jae’s title has inevitably been dragged into the controversy. On the replacement hand, Artist United has firmly denied any wrongdoing on his part, reiterating that he’s no longer under investigation and is totally cooperating as a look for.

Furthermore, the subsidiary, Artist Firm, has acknowledged that neither the actor nor the agency is hooked as a lot as any unlawful actions, a lot like insider procuring and selling or the leaking of recordsdata for the length of the third-occasion share of a paid-in capital lift when the company modified into nonetheless identified as Widerplanet.

The agency clarified that the susceptible company, Widerplanet, is under investigation by financial authorities, but the probe does no longer have Lee Jung Jae or Artist Firm. The misperception seems to be to be to love arisen attributable to the actor’s fresh acquisition of Widerplanet and its subsequent title alternate.

Widerplanet, established in 2010, modified into received by Lee Jung Jae and Jung Woo Sung in December 2023 through a third-occasion capital lift. In March 2023, the company’s title modified into modified to Artist United, and in November 2024, it modified into merged with Artist Firm.

The insider procuring and selling allegations date abet to a spike in Widerplanet’s procuring and selling volume, which raised suspicions. Amid the controversy, Artist United has pledged to cooperate entirely with the investigation and web any wrongdoers accountable. The company is also actively working to lessen the anguish to shareholders.