On May 14th, HYBE announced plans to petition the Financial Supervisory Service for an investigation into ADOR executives, focusing on allegations of market manipulation and fraudulent transactions. This move follows concerns over a significant stock sale by ADOR’s Deputy CEO S before a dispute that affected HYBE’s stock price.
ADOR’s Deputy CEO S reportedly sold 950 HYBE shares worth 200 million won on April 15th, just ahead of an email from ADOR executives, including CEO Min Hee-jin, raising allegations against HYBE’s management. HYBE suspects this sale was timed to avoid potential losses as a dispute unfolded internally.
CEO Min Hee-jin has denied any wrongdoing, stating that the audit mentioned by HYBE was disclosed after the stock sale. However, HYBE plans to present evidence, including Kakaotalk conversations, suggesting ADOR executives anticipated a drop in stock price.
Conversations among ADOR executives revealed discussions of a strategy to influence public opinion and trigger a stock price decline through media leaks and anticipated legal actions from minor shareholders. This ongoing dispute underscores the complexities of corporate relationships in the entertainment industry.
