1. The plaintiff's claim is dismissed.

2. The costs of lawsuit shall be borne by the Plaintiff.

1. The following facts may be found in each entry in Gap evidence Nos. 1 through 9, 17 through 19 and Eul evidence No. 1 (including a serial number), unless there is a dispute between the parties, or by integrating the whole purport of the pleadings:

The Plaintiff is a corporation established for the purpose of the establishment and operation of steel materials construction business, and the Defendant was a corporation established for the purpose of establishing and operating the KOSDAQ market, and the Plaintiff’s shares issued by the Plaintiff were listed at the KOSDAQ market operated by the Defendant, as follows:

B. On March 20, 2014, the Defendant designated the Defendant’s management issues for the Plaintiff’s share certificates as management issues pursuant to Article 28(1)3-2 of the KOSDAQ Market Listing Regulations on the ground that the Plaintiff’s business losses exist for the latest four business years.

C. The Plaintiff’s appropriation for bad debts and returned accounts 1) on September 1, 2008: (a) the Plaintiff entered into a contract with Ston Construction Co., Ltd. (hereinafter “Ston Construction”); (b) on September 1, 2008, for construction of so-called “Ston Construction”) and completed construction on ten occasions from September 1, 2008 to June 27, 201; (c) the Plaintiff entered into a contract with Ston Construction to perform construction works including site creation on ten occasions; (d) the amount of construction cost equivalent to KRW 3,51,510,039 for Ston Construction and its delay damages (hereinafter “claim for Ston Construction”); and (e) the Plaintiff had a claim for the construction cost equivalent to KRW 3,51,039 for Ston Construction and the construction cost equivalent to or less than KRW 300 for Ston Construction Co., Ltd. (hereinafter “UBD”) and a claim for compensation for delay in its construction cost on July 4, 2012.