Corporate governance Archives

AppWizard

December 20, 2024

Two Epic directors step down following DOJ antitrust investigation

Tencent has removed two of its directors from the board of Epic Games following a U.S. Department of Justice investigation into potential antitrust law violations. The investigation found that the directors breached Section 8 of the Clayton Act, which prohibits individuals from serving on the boards of competing companies. Tencent has revised its shareholder agreement with Epic Games, relinquishing its right to appoint directors to the board.

Tech Optimizer

September 25, 2024

Phoslock, KPMG to turn over info for possible shareholder class action

Phoslock has reached an agreement with its auditor, KPMG, to provide documentation that may be important for a potential shareholder class action. This decision comes amid investor concerns about the company's operational transparency and financial practices. Shareholders intend to pursue legal action for accountability regarding financial disclosures. There may be disputes over legal privileges that could complicate the disclosure process.

AppWizard

May 5, 2024

Naver says pressure from Japan to divest Line messenger stake is unusual

- Japan's government has called for a restructuring of the partnership between Naver and SoftBank over the Line mobile messenger app following a data breach that exposed Line users' personal information through Naver's cloud server. - Naver CEO Choi Soo-yeon stated that Naver's decision-making regarding the guidance will be informed by its broader business strategy. - The Korean government has pledged cooperation to address Japan's guidance, with ongoing discussions taking place. - Both ruling and opposition parties in Korea have criticized Japan's guidance as excessive and discriminatory. - The Japanese Ministry of Internal Affairs and Communication clarified that its guidance is non-binding. - SoftBank is in negotiations with Naver to purchase a portion of its stake in A Holdings, the joint venture that owns LY Corp. - Naver's CEO will communicate the company's official stance once a comprehensive plan is in place.