Officials from pharmaceutical companies suspected of inflating their stock prices as if leukemia treatments were effective in treating COVID-19 have been handed over to the prosecution.
The Seoul Metropolitan Police Agency's financial crime investigation unit sent two co-representatives of Ilyang Pharmaceutical and Ilyang Pharmaceutical corporation accused of violating the Capital Markets Act without detention.
They are accused of manipulating stock prices by releasing a press release in 2020 that said their leukemia treatment was effective in treating COVID-19.
At that time, Ilyang Pharmaceutical's stock price rose by more than 80,000 won in four months after distributing the press release, and a police investigation found that the treatment did not have a superior effect on treating COVID-19 compared to other drugs.
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