SEOUL -- Samsung BioLogics' initial public offering in 2016 is under investigation, as South Korean prosecutors raided the Korea Exchange's Seoul office on Friday.
Authorities suspect the stock market operator eased regulations to allow the contract drugmaker to list on the country's top-tier stock market. Investigators collected documents and computer hard drives, looking for information related to the listing of Samsung BioLogics, the Korea Exchange said. The company was listed on the Kospi in November 2016.
The raid comes a few months after financial regulators accused Samsung BioLogics of committing a $4 billion accounting fraud in 2015 by intentionally manipulating its accounting standards.
News of the latest probe hit Samsung BioLogics shares, with the stock falling more than 4% in morning trading.