Webtoon Entertainment Inc. directors and officers breached their fiduciary duties to the online comics company by failing to disclose slowing revenue in a period that ended just days after the company’s initial public offering closed, an investor alleges.
The members of leadership fell short in maintaining adequate internal controls and caused the company to make false statements, Ho Kan Cheung says in a complaint filed Nov. 15 in the US District Court for the Central District of California.
CEO Junkoo Kim and the other defendants harmed the company by subjecting it to a proposed securities class action over a 38% ...
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