HYBE Requests FSS Investigation of ADOR Management

Summary of Key Points

HYBE has filed a complaint with the Financial Supervisory Service (FSS) against ADOR executives for use of undisclosed information and market manipulation.

ADOR Deputy CEO S sold all of his HYBE stock worth 200 million won on April 15, and one day later, CEO Min Hee-jin sent an email raising issues about HYBE’s management failures, causing the stock price to plunge. HYBE claims this was insider trading where Deputy CEO S, as an executive of a subsidiary, knew internal information in advance and avoided losses.

Additionally, HYBE filed the complaint with evidence that CEO Min Hee-jin and others discussed systematic market manipulation plans in KakaoTalk messages, including “FTC → media war → lawsuit” and “stock price crash → induce minority shareholder lawsuits.”

ADOR responded that the HYBE audit was not made public until the 22nd and could not have been anticipated in advance, and that Deputy CEO S’s stock sale was for personal funding purposes.