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Bloomberg (April 13)

2018/ 04/ 15 by jd in Global News

A “$105 billion ‘ghost stock’ blunder” created market upheaval in Korea. An error at the South Korean brokerage Samsung Securities Co. gave employees 1,000 Samsung Securities shares each instead of 1,000 won (less than $1). “In total, the company distributed 2.83 billion shares, worth—on paper—about 112.6 trillion won. That was more than 30 times the company’s market value.” As employees sold the ghost shares, the stock price “plunged” 12% and “many retail investors got burned.”

 

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