ANSAN, South Korea–(BUSINESS WIRE)–#KOSDAQ046890—Seoul Semiconductor Co., Ltd. (KOSDAQ 046890), a leading global innovator of LED products and technology, announced that the Korean Suwon District Court Appellate Division found Everlight Electronics (“Everlight”) guilty of criminal misappropriation of Seoul Semiconductor’s trade secrets and industry technology.
The court awarded criminal fines against Everlight – the maximum fine for a foreign company for the commission of such a crime so far. Three former employees of Seoul Semiconductor (“Seoul”) who left the company and went to work at Everlight were also sentenced to one to two years in prison with two to three years of probation for trade secret and technology misappropriation.
The Korea Prosecutors’ Office criminally indicted Everlight together with Seoul’s former employees for criminal misappropriation of Seoul’s trade secrets and industry technology. The lower court convicted Everlight on a charge of criminal misappropriation of trade secrets, and the appellate court affirmed the lower court’s decision and also upheld a charge of criminal misappropriation of Seoul’s industry technology by Everlight.
Seoul is the top LED company in Korea and No. 3 in the world. Over the past 30 years, Seoul has devoted itself to R&D with a vast patent portfolio and is leading second generation LED technology. However, some global companies still purchase cheaper copycat products that infringe Seoul’s technology and sell those products under their branding, despite alleging their compliance with ESG.
“Intellectual property is the only tool that enables small businesses and entrepreneurs to survive and grow up. Companies stealing such hard-earned technology should be expelled from the market,” said Seoul Semiconductor’s founder, Chung Hoon Lee.
About Seoul Semiconductor
Seoul Semiconductor is the world’s second-largest global LED manufacturer, a ranking excluding the captive market, and has more than 18,000 patents. Based on a differentiated product portfolio, Seoul offers a wide range of technologies, and mass produces innovative LED products for indoor and outdoor lighting, automotive, IT products, such as mobile phones, computer displays, and other applications, as well as the UV area. The company’s world’s first development and mass production products are becoming the LED industry standard and leading the global market with a package-free LED, WICOP; a high-voltage AC-driven LED, Acrich; an LED with 10X the output of a conventional LED, nPola; a cutting edge ultraviolet clean technology LED, Violeds; an all-direction light emitting technology, filament LED; a natural sun spectrum LED, SunLike; and more. For more information, please visit www.seoulsemicon.com/en.
Seoul Semiconductor Co., Ltd.