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Delisting Response

Due to the recent amendment to the Act on External Audit of Stock Companies, Etc. and reinforcement of delisting examination standards by the Korea Exchange (KRX), there has been a gradual increase in the number of companies subject to delisting. Considering the crucial importance of taking the right steps in the delisting process, which is directly related to the fate of the company subject to delisting, it is essential to seek assistance from experts equipped with a wealth of experience and professional know-how in various related areas including the law, accounting, corporate rehabilitation, business practice of KRX, related litigations and financial criminal cases, etc.

Lee & Ko’s Delisting Response Team (“Delisting Response Team”) has accumulated abundant work experiences and an outstanding track record in the related advisory cases as well as in representing clients in lawsuits related to delisting.  Recently, our Delisting Response Team successfully represented a company subject to delisting in a lawsuit where the court finally made a judgment confirming the nullity of a delisting decision based on auditors' disclaim of opinion, for the first time in Korea; this case will be considered as one of the leading cases in the field of delisting lawsuits.

Our Delisting Response Team has established an organic cooperation system, supported by experts from related fields such as financial regulation, capital market regulation, accounting supervision, corporate advisory, litigation, bankruptcy and criminal defense, etc. who are equipped with in-depth knowledge and experience in the delisting-related area and  are capable of providing comprehensive one-stop service for all stages of delisting process from the KRX to the courts.
主要业务方向
KRX's Delisting Procedures Stage

① Detailed analysis and review of client's problems and issues: Establishing defense strategy based on analysis of KRX’s grounds for delisting and appropriate countermeasures thereto 

② Provision of assistance in preparing and submitting various documents: Providing assistance in preparing countermeasures to the KRX officials' examination of listing eligibility and client’s preparation and submission of documents and materials (including improvement plan, report on implementation of improvement plan, plan for additional improvement, etc.) required by the KRX at each phase of delisting process

③ Attendance at committee meetings: Attending as client's legal advisor the committee meetings convened by the KRX for the deliberation of the Company Evaluation Committee and the Market Committee and re-deliberation of the Market Committee after objection, etc. as client’s legal advisor to answer questions from the committee members and provide expert opinion 

④ Comprehensive legal advice to implement improvement plan during improvement period: we will take countermeasures to and communicate about issues arising during the improvement period so that our client can win the decision of continued listing at the end of the improvement period, and also provide written opinion if necessary


Court Proceedings Stage

① Application for provisional injunction to suspend effect of delisting decision: Filing the application for provisional injunction with the court to seek suspension of the effect of delisting decision and prevention of the pre-delisting trading procedure from commencing 

② Institution of lawsuit to confirm nullity of delisting decision: Filing a lawsuit to confirm nullity of the delisting decision and therefore resume the stock transactions


Prosecutors' Office’s Investigation Stage (including investigations by regulatory authorities) 

① Countermeasures to investigations by regulatory authorities (including the Financial Supervisory Service (FSS) and Financial Services Commission (FSC)): Performing thorough analysis and review of investigations regarding alleged unfair trading in the capital market by the FSS's Capital Market Investigation Bureau or the FSC’s Capital Market Investigation Team for providing effective defense

② Countermeasures to Prosecutors' Office's investigations: Preparing defense strategy and preventing the risk of delisting in response to the investigations by the Prosecutors’ Office on alleged charges which can be the direct cause of delisting such as embezzlement or breach of trust, etc. of client’s management or violation of the "Financial Investment Services and Capital Markets Act"
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代表性案例
KRX's Delisting Procedures Stage 
  • Delisting of Company K: decision ordering maintenance of listing
  • Delisting of Company N: decision granting improvement period
  • Delisting of Company H: decision granting improvement period
  • Delisting of Company S: decision granting improvement period
  • Delisting of Company D: decision excluding Company D from the list of subject of substantial delisting investigation 
  • Delisting of Company H: decision ordering maintenance of listing
  • Delisting of Company J: decision ordering maintenance of listing
  • Delisting of Company S: decision ordering maintenance of listing
  • Delisting of Company N: decision ordering maintenance of listing
  • Delisting of Company L: decision ordering maintenance of listing
  • Delisting of Company K: decision granting improvement period

Court Proceedings Stage
  • Delisting of Company G: decision confirming nullity of the delisting decision
    (first case where the court ruled a delisting decision which was based on auditors’ disclaim of opinion null in Korea)
  • Delisting of Company P: decision granting provisional injunction suspending the effect of delisting decision
  • Delisting of Company N: decision granting provisional injunction suspending the effect of delisting decision
  • Delisting of Company H: decision granting provisional injunction suspending the effect of delisting decision
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