Attorney Lee Seong-woo of Hanbyol Law LLC has filed a lawsuit seeking damages totaling approximately 6.1 billion won on behalf of 119 investors against 16 executives—including the CEO of Indong Advanced Materials—and officials of the Pevert Group. The plaintiffs allege that the three Indong companies attracted investment funds by making false and exaggerated claims regarding major matters, such as deals with Samsung and LG, and that this resulted in approximately 200 billion won in unjust enrichment, with their losses confirmed by the delisting from the K-OTC market.

The plaintiffs allege that the Pevert Group, despite lacking a financial investment business license, conveyed and sold false information to investors without verification, causing investment losses, and thus sought liability for joint tortious conduct. Attorney Lee Seong-woo emphasized that even if a criminal conviction and forfeiture order were issued, civil litigation is absolutely necessary to recover damages. The case has been assigned to Civil Division 22 of the Seoul Central District Court, and a hearing date has not yet been set.