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[Alpha Biz=(Chicago) Reporter Kim Jisun] Minority shareholders of telecommunications equipment maker HFR will file a complaint against Hana Securities analysts who revised their stock price outlook three times within five months.
According to the financial investment industry on the 23rd, the reason for the legal office issued a statement and said it will file a complaint with the police against Hana Securities Researcher A sometime next week for violating the Capital Market and Financial Investment Business Act.
Lee Sang-ho, a representative lawyer for the law firm, pointed out that the problem is that researcher A released a report that dropped its original target price to less than half within four months. The lawyer said he plans to gather several plaintiffs, including the head of the HFR minority shareholder movement, to prepare for the lawsuit.
"General investors are also expressing their intention to participate as plaintiffs," lawyer Lee said. "We will file a complaint with the police after specifying the amount of damage."
Earlier, researcher A raised the target price for HFR from 63,000 won to 80,000 won on January 26. This is because the outlook for short and long-term earnings is optimistic. However, four months later, on May 3rd, the company lowered its target price from 80,000 won to 50,000 won, judging that its performance in the first half of this year was weaker than originally expected.
In a report released on the 21st, the target price was lowered again from 50,000 won to 30,000 won. The report says it will also produce poor results in the second quarter of this year and that it should be bought from a long-term perspective. In addition, he recently suggested that it would not be easy to collect stakes from HFR minority shareholders.
Hana Securities is cautious about this accusation. Hana Securities official said, "It is difficult to make an official position regarding the report."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
