Five KOSDAQ-listed companies that invested in COVID-19 treatment developer Genencell left nearly 200,000 small shareholders facing losses, according to shareholder data cited through December 2024. KH Feelux has been delisted, while Sejong Medical, K Bio Labs and Hyundai Feed have faced delisting-related setbacks; Korea Pharma, the only listed Genencell-linked company described as surviving, fell from above 90,000 Korean won in 2021 to about 7,000-8,000 won. The collapse followed failures involving Genencell’s clinical programs and intensified scrutiny of clinical-approval processes, corporate transactions and alleged stock manipulation. A recording released by independent lawmaker Han Dong-hoon says Kim Seung-won, a nominee for Minister of Justice, asked the head of the Ministry of Food and Drug Safety on Oct. 12, 2021, to expedite Genencell’s clinical-trial approval at the request of broker acquaintance Yang. Separately, Sejong Medical has alleged that Genencell representative A concealed material information in transactions totaling about 11.3 billion won, leading to a police investigation. Earlier trading records and accusations allege that insiders acquired shares before positive Genencell announcements and sold during price surges, leaving individual investors to absorb subsequent declines.