Lee Jung Jae, the largest shareholder of Artist United, files lawsuit for damages against the representative of Raemong Raein

Artist United filed a lawsuit for damages against Kim Dong Rae, the representative of Raemong Raein, a drama production company acquired by Artist United earlier this year.

They're also seeking permission from the court to convene an extraordinary general meeting of shareholders to appoint new directors for Raemong Raein. 

Law Firm Lin, representing Artist United, stated on June 5, "Artist United and its investors have applied to the court for permission to convene an extraordinary general meeting of shareholders to appoint directors for Raemong Raein. Additionally, they have filed a lawsuit for damages against Kim Dong Rae, the representative of Raemong Raein."

Artist United is a software development company with actor Lee Jung Jae as its largest shareholder.

Accordingly, discussions were held within Artist United regarding the participation of Lee Jung Jae and Jung Woo Sung, who are internal directors, in the management of Raemong Raein when Artist United acquired Raemong Raein through a capital increase in March. However, Representative Kim did not comply with investor demands.

Law Firm Lin claimed, "Representative Kim is obstructing management participation by ignoring requests for the convening of an extraordinary general meeting, which is a legitimate right of investors."

Furthermore, they stated, "Investors have made efforts to resolve the situation amicably through multiple discussions with Kim for two months, but Kim has ignored goodwill and escalated conflicts," and added, "Such actions by Kim may disrupt the smooth management activities of the company and ultimately cause serious harm to the interests of the company's shareholders."

They added, "To protect shareholder interests, we have inevitably filed simultaneous lawsuits for permission to convene an extraordinary general meeting of shareholders for the appointment of directors for Raemong Raein and damages against Representative Kim."

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