[Alpha Biz=(Chicago) Reporter Paul Lee] Hannuri, a law firm, said on the 15th that it will file a securities-related class action suit against semiconductor fabless company Fadu and NH Investment & Securities Co., the organizer of the initial public offering (IPO).

"Fado only explained the third-quarter sales, but the second-quarter sales, which were only 59 million won, are a bigger problem. The Fadu and the host securities firm should not have stopped the listing and public offering process and carried out follow-up procedures such as demand forecast and subscription in early July, and the securities firm that would have asked for tentative performance in the second quarter would have known this," a Hannuri official said.

In the securities correction report (investment manual) and the attached corporate survey report released in mid-July, Fadu said, 'There is no possibility that business activities will deteriorate by maintaining stable orders' and 'continue to increase sales and improve profitability.' This is a false statement."

Earlier, Fadu was listed on August 7 and its first performance was earnings shock (poor compared to market expectations). Fadu's sales in the third and fourth quarters announced on the 7th were only 320.81 million won. It is a 97.6% drop from 13.59243 billion won recorded in the same period last year. In the third quarter, cumulative sales amounted to 18,044,060,000 won, down 44.6% from 32,560,160,000 won recorded in the same period last year. It is impossible to achieve the expected sales of 120.3 billion won this year at the time of listing.

As a result, Fadu's stock price rose to 47,100 won in a month after its initial public offering (31,000 won), but it halved in two months. The closing price on the 10th is 18,970 won, down 21.93% from the previous trading day. The closing price on the 15th is slightly recovered to 19,470 won.

 

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