Flat-screen component maker Sintek Photronic Corp (和鑫光電) yesterday said that a statement filed with the Taiwan Stock Exchange on Tuesday about its deal with Samsung Mobile Display was “partially misleading.”
The case prompted the exchange to say it would look into the timing of listed companies’ disclosure of information to avoid a recurrence of such an incident.
Sintek said in the statement that it had struck a deal with Samsung, in which the two firms would jointly set up a display plant, and that Sintek would also start supplying its South Korean partner with touch screens and related products using a new technology called active matrix organic light emitting diode, or AMOLED.
Sintek’s stock surged by the daily limit of 7 percent the following day amid extensive media coverage.
Shortly after 1am on Thursday, Sintek posted a statement on the stock exchange to clarify that it is building a factory to supply touch sensors — not panels — sparking speculation that the company might have been involved in stock manipulation.
Yesterday, Sintek chairman W. Y. Chang (張文毅) told reporters that parts of the statement on Tuesday were indeed misleading, but the company had taken the initiative to quickly amend its content.
Taiwan Stock Exchange senior vice president Michael Lin (林火燈) said the exchange would fix the loopholes in the information disclosure requirements for listed firms to stop similar incidents from happening.
Despite Sintek’s failure to amend its statement earlier, Lin said the company didn’t violate regulations and it would not be fined.
The exchange sent staff to Sintek’s offices yesterday morning to clarify the deal, including contract details and the decision-making process.
It also asked Sintek executives to show up at the exchange in the afternoon to clarify the issue with the media.
Sintek’s stock inched up 0.4 percent to close at NT$25 in Taipei yesterday.
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