All appeals filed by the Defendants and the Prosecutor are dismissed.

Of Defendant B’s news report materials on October 10, 2014, the part that “I has the right to operate a business of developing app with the largest radio operator of China’s largest telecommunications company and the R of Taiwan mobile communications company” was actually concluded and valid on October 11, 2014, and thus, is not false, and ② “M J is based on any smartphone sent from November to the largest mobile operator of China.”

This App is expected to be loaded through a local smartphone basic app through a Chinese mobile phone operator, and as long as the article was published, it was limited to the attempted map.

As such, the organization requirement of Article 443 (1) 9 of the Financial Investment Services and Capital Markets Act (hereinafter “Capital Market Act”) does not fall under the requirement of Article 43 (1) 9.

Since there is no motive or motive for the defendant to support the share price and to acquire the difference, it is not recognized that the defendant was involved in the preparation of a false report document prepared by A on October 10, 2014, and there is no intention to recognize the falsity of the report document.

Defendant

On October 10, 2014, which had been distributed with false news report materials from A on October 10, 2014, as a separate honomenity news articles for N Co., Ltd. (hereinafter “N Co., Ltd.”) after October 12, 2014, or published Bank of Korea’s policies to reduce interest rates, and many articles predicting the current situation of the shares in the clothing industry belonging to the instant company, the said false news report materials distribution and the stock price increase of the instant company can be recognized as having a relation with the person.