The investigation focuses whether false and/or misleading statements were made by Legend and/or that Legend failed to disclose pertinent information to investors. A press release was issued by Legend on September 21, 2020, which disclosed that Legend Biotech Corporation CEO Dr. Fangliang Zhang has been placed under residential surveillance by the Chinese government. It was also admitted by Legend that the Chinese Customs Anti-Smuggling Department has inspected the offices of GenScript Biotech Corporation, Legend’s majority shareholder. Facilities inspected included Legend’s offices, and are related to alleged violations of import and export regulations. Shares of Legend fell by more than 17% on the same day, based on this news.
Legend Biotech Corporation
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