1. All appeals by the Defendants are dismissed.

2. The costs of appeal are assessed against the Defendants.

Purport of claim and appeal

1.

1. The grounds cited in the judgment of the court of first instance do not differ from the contents claimed by the Defendants in the court of first instance, and even if the evidence submitted in the court of first instance and the trial together with the allegations by the Defendants, the court of first instance rejected the Defendants’ claims, and the judgment of the court of first instance, which accepted the Plaintiffs’ claims, is justified.

Therefore, the reasoning for this case is as follows. The court below's reasoning is that "the 13th judgment of the first instance court is correct" and "the 12th judgment of the first instance court" should be considered to have affected the contents of the above registration statement in determining whether the securities offering, etc. stated in the pertinent registration statement is a "material fact" under the Financial Investment Services and Capital Markets Act, even if it is assumed that general investors unrelated to the securities offering, etc. stated in the relevant registration statement had affected the contents of the above registration statement, the mere fact that the Financial Investment Services and Capital Markets Act uniformly forces submission and publication of the registration statement and summary financial information constitutes the essential matters stated in the registration statement, it cannot be readily concluded as "material fact" that can naturally affect the reasonable investment judgment of the general investors unrelated to the pertinent securities offering, etc., and the whole context of information that can be used from a reasonable point of view can be seen as significantly changing from a reasonable point of view by being recorded or omitted. In light of the remaining contents of the first and second registration statement's purpose of submission, reasons for preparation and statement, and the remaining contents of the plaintiff's investment information in this case.