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Jung Woo Sung, Lee Jung Jae's company Artist United accused of insider trading; Agency clarifies Squid Game actor not under probe
Artist United, where Lee Jung Jae and Jung Woo Sung are two of the largest shareholders, is facing insider trading allegations. However, the company has refuted the claims with clarification.
Jung Woo Sung and Lee Jung Jae's agency, Artist Company (a subsidiary of Artist United), is currently facing scrutiny due to allegations of insider stock trading. However, the company has released a statement clarifying that there is no wrongdoing on their part, emphasizing that the Squid Game actor is not under investigation but is merely cooperating with authorities.
According to recent reports, shares of Artist United (formerly known as Widerplanet) have plummeted by 20%, sparking concerns among individual investors. This sharp decline has fueled allegations of insider trading linked to the company.
Reports suggest that certain individuals, anticipating Lee Jung Jae and Jung Woo Sung’s acquisition of Widerplanet in 2023, allegedly manipulated the stock to inflate its value for personal profit. Authorities suspect that these individuals intentionally boosted the stock price for financial gain. The matter is currently under investigation.
As the largest shareholder, Lee Jung Jae’s name has inevitably been dragged into the controversy. However, Artist United has firmly denied any wrongdoing on his part, reiterating that he is not under investigation and is only cooperating as a witness.
Furthermore, the subsidiary, Artist Company, has stated that neither the actor nor the agency is connected to any illegal activities, such as insider trading or the leaking of information during the third-party allotment of a paid-in capital increase when the company was still known as Widerplanet.
The agency clarified that the former company, Widerplanet, is under investigation by financial authorities, but the probe does not involve Lee Jung Jae or Artist Company. The misunderstanding appears to have arisen due to the actor’s recent acquisition of Widerplanet and its subsequent name change.
Widerplanet, established in 2010, was acquired by Lee Jung Jae and Jung Woo Sung in December 2023 through a third-party capital increase. In March 2023, the company’s name was changed to Artist United, and in November 2024, it was merged with Artist Company.
The insider trading allegations date back to a spike in Widerplanet’s trading volume, which raised suspicions. Amid the controversy, Artist United has pledged to cooperate fully with the investigation and hold any wrongdoers accountable. The company is also actively working to minimize the damage to shareholders.
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