K-Pop

ADOR Responds To Stock Sale Suspicions, “Only For House Lease Balance, HYBE Should Focus On NewJeans”

ADOR expressed their stance on the suspicion of Deputy CEO S selling shares in anticipation of HYBE’s audit

On May 14th, ADOR’s legal representative Sejeong Law Firm released a statement in response to the accusation raised by HYBE earlier on the same day.

“ADOR hopes HYBE will stop making unreasonable claims and excessive attacks on our management to avoid responsibility for the stock price decline.

min hee jin

It was HYBE who initiated this incident, not ADOR.

HYBE disclosed to the media on April 22nd as soon as they started conducting the audit and requested a shareholders’ meeting at the same time. This is a plan to replace ADOR’s management regardless of the audit results. HYBE’s actions, from making groundless allegations such as a stylist’s embezzlement to the recent accusation of ADOR Deputy CEO’s stock price manipulation, have clearly shown their malicious intent to dismiss the management board of ADOR.

According to HYBE’s claims, Deputy CEO S sold 950 shares for about 200 million won on April 15th expecting HYBE’s audit on April 22nd, a week later. Of course, ADOR management was not aware of HYBE’s audit plan beforehand. The profit from Deputy CEO S’s transaction was only 19 million won. S signed a house lease contract on April 8th and sold the shares to pay the remaining balance. We attached a file to prove this. In this regard, HYBE made absurd claims such as using undisclosed information and stock manipulation.

ill it

The KakaoTalk messages HYBE released were actually about discussing response strategies if ‘ILLIT’s plagiarism issue’ broke out, contrary to their claims. The conversation considered options such as reporting the matter to the Fair Trade Commission if internal reports were not accepted, initiating external appeals emphasizing unfairness due to the plagiarism, and informing others of our unfairness under the Unfair Competition Prevention Act.

Ironically, all these issues wouldn’t have arisen if HYBE hadn’t initiated the dispute. All of these issues, from the unfair shareholder agreement to ILLIT’s plagiarism, and the problems of the stylist and the Deputy CEO could have been resolved internally by HYBE, yet they decided not to do so. Instead, HYBE has been misleading the public every day by selectively editing and manipulating facts by citing provocative words without proper context, causing exhaustion to the public.

We urge HYBE to stop manipulating unrelated conversations other than the facts in the audit and selectively editing them for your purposes. In response, ADOR’s Deputy CEO A expressed their intention to withdraw consent for information provision and use through a notice of withdrawal on May 9th. Nevertheless, HYBE continues to violate the human rights of the employees from its label. If this behavior repeats, we will take active legal actions, both civil and criminal, against HYBE officials.

newjeans

At this moment, we are focusing on a more important project, which is NewJeans’s comeback. Today, we received the great news that NewJeans has sold out all tickets for their two-day fanmeeting at Tokyo Dome in Japan. Despite this positive development, HYBE is still obsessed with making groundless accusations against its label and neglects the promotion of artists while repeatedly lying about protecting them. Unlike HYBE, who should be responsible for the stock price decline, ADOR management team is dedicated to fulfilling their responsibilities to the shareholders by focusing on NewJeans’ comeback activities.

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Therefore, we want to ask HYBE again: Who should be responsible for the current stock price decline? Is it appropriate for HYBE, which caused losses to numerous small investors due to the plunge in stock prices after being investigated by the Financial Supervisory Service following the listing and the prosecution for avoiding losses using undisclosed information, to raise such an issue with ADOR’s management team? HYBE should reflect on to whom the term ‘evil’ from their previous statement truly applies.

As the parent company, HYBE should concentrate on its core business activities. Moreover, we hope HYBE will stop relying on media play and state the facts in court with the right attitude for the protection of their artists.

Thank you.”

Source
Daum
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