Lee Jung-jae Wins Legal Battle: Artist Studio Share Issuance Lawsuit Dismissed

Actor Lee Jung-jae and his agency, Artist Company, have emerged victorious in a lawsuit challenging the share issuance related to the management rights dispute of Artist Studio (formerly Raemongraein).

On the afternoon of the 19th, the Seoul Central District Court dismissed all claims filed by minority shareholders. The shareholders had argued that the capital increase conducted by Artist Studio for investors was invalid, but the court ruled that both the share issuance procedures and the investors' acquisition of shares were lawful.

Previously, the minority shareholders had also filed for an injunction to halt the effect of the share issuance, but these appeals were rejected by the Supreme Court. With the initial ruling in the main litigation also favoring Lee Jung-jae's side, the legitimacy of Artist Company's acquisition of management rights has been reaffirmed.

Law firm LYN, representing Artist Company and the investors, stated, "This verdict acknowledges the legitimate rights of investors who acquired shares and took over management through proper procedures." They added, "This ruling is significant in resolving confusion caused by baseless lawsuits and protecting the stability of corporate management and the reliability of the capital market."

Artist Company, with Lee Jung-jae as its largest shareholder, completed its investment in the media content production company Raemongraein (now Artist Studio) in March 2024 and secured management control by the end of the year. Artist Studio is known for producing hit works such as 'Reborn Rich' and 'Sungkyunkwan Scandal'.

Lee Jung-jae made history by winning the Emmy Award for Outstanding Lead Actor in a Drama Series for 'Squid Game' in 2022, a first for an actor in a non-English language series. He co-founded Artist Company, actively managing his acting career and nurturing other talents. His ventures also extend to directing and producing, with recent involvement in international film projects.