Abstract
Purpose A stock transfer contract, including a change in the largest shareholder, proceeded with a block deal and was delisted less than three months later, causing major damage to ordinary shareholders on the KOSDAQ market. However, both major shareholders of the contract realized great economic benefits. We would like to confirm that uneven of KOSDAQ regulations is creating unfair results between major shareholders and general shareholders. Methods Robert K. Yin''s empirical case study methodology is applied to analyze the unbalanced aspects of the system through objective and various data and fact-checking. Results As a result of the case analysis, major shareholders, who are the subjects of the stock transfer contract, realized profits by using the imbalance between the system and regulations-mandatory - lock up, disclosure system, and block deal, while general shareholders suffered great economic and mental damage. Conclusion It could be said that there is an unbalanced system centered on major shareholders in the cause of the occurrence of the case. If the regulations don’t improve, this case can be repeated, and general shareholders suffer the same damage.
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