“Sold Stocks Just Before the Attack” HYBE Requests FSS to do an Investigation on ADOR Executives

According to the investment banking (IB) industry, HYBE is expected to submit a complaint to the Financial Supervisory Service requesting an investigation into Vice President S for alleged violations of the Capital Markets Act, including spreading rumors and using undisclosed information. Simultaneously, HYBE also plans FSS to investigate other ADOR’s executives, including CEO Min Heejin. HYBE believes that ADOR is spreading false information that an artist under HYBE’s label plagiarized another artist and caused harm to investors. 

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HYBE reported that Vice President S of ADOR sold all 950 shares of HYBE stock he held, worth 200 M KRW. They believed this was ‘the use of undisclosed information’ because Vice President S sold his sales just one day before ADOR’s executives sent the ‘second email’ to HYBE. HYBE suspects that Vice President S sold his shares because he anticipated a drop in HYBE’s stock price after the email was revealed to the public. 

HYBE claims that after an audit began and internal conflicts arose, their stock price dropped sharply to 190,000 KRW. In response, ADOR stated, “The audit was publicly announced by HYBE on the 22nd. That was the day after Vice President S sold his shares. It doesn’t make sense to say that Vice President S was anticipating the stock price to drop.” Vice President S argued, “It was impossible to know about the audit on the 22nd. I sold my shares for a down payment on a house, no other motives involved.”

HYBE also requested the FSS to investigate CEO Min Heejin under the accusation of manipulating public opinion, knowing in advance that HYBE’s stock price would fall. HYBE plans to submit evidence they gathered from the audit, including Kakao Talk conversations where Min Heejin and others explicitly acknowledged the drop in HYBE’s stock price. For example, in a conversation from March 16, Vice President L predicted, “If the dispute becomes an issue, their stock price will drop,” to which Min Heejin replied, “Of course.”

Furthermore, on April 3, in a group Kakao Talk chat with Min Heejin, Vice President S, Vice President L, and Internal Director K, Vice President L stated, “If this goes to litigation, the stock price will drop, and minority shareholders will want to sue. If they join us, it will trouble HYBE.” On April 18, Vice President L mentioned, “Fair Trade Commision -> public opinion battle -> lawsuit,” and discussed a strategy to avoid direct involvement.”


-Since there’s not enough evidence for embezzlement, they’re probably gathering everything they can to appeal in court.

-Do they have bad memory or something? Aren’t they the ones who started this?

-They started the attack themselvesㅋㅋ Aren’t they the ones who spread news that Min Hee-jin was trying to take over, causing the stock price to drop?ㅋㅋㅋ

-Why are they doing this?

-It’s going too far now.

-This is the epitome of pettiness. Birds of a feather flock together. How did all these petty and narrow-minded people end up becoming executives at HYBE?

-It seems like HYBE should be the one investigated by the FSS…

-First of all, didn’t HYBE start the attack? Also, if ADOR intended to steal their company, would they sell their shares? HYBE’s behavior is getting worse.

-I just want the investigation to start quickly. This isn’t poker; why drag it out piece by piece?

-Vice President S just needed money for the down payment for a houseㅋㅋㅋ It’s not like he sold hundreds of billions, it was just 200 M KRW.

-HYBE’s pathetic…

-Why would they sell his shares if he wants to take over the company?? It just doesn’t add up, you stupid. 

-HYBE’s statements don’t even add upㅋㅋㅋㅋ

-Just let Vice President S move to his new house…