Sell shares after knowing the suspension of BTS’ full-group activities…3 HYBE employees sent to the prosecution
3 HYBE employees were sent to the prosecution on charges of selling their shares after first learning about the suspension of BTS’ full-group activities.
On May 31st, the Financial Supervisory Service’s Special Capital Market Police announced that they recently sent 3 HYBE employees to the prosecution on charges of violating the Capital Market Act under the direction of the Seoul Southern District Prosecutors’ Office.
According to the Special Capital Market Police, those sent to the prosecution are employees in charge of idol group-related work at labels within HYBE. They are accused of selling their shares after first knowing the information that BTS will temporarily suspend group activities.
It is known that the three employees avoided losses totaling 230 million won (up to 150 million won per person).
On June 14th last year, BTS announced the suspension of group activities through their official YouTube channel. The next day, HYBE’s stock price plummeted by 24.87%.
The Financial Supervisory Service said, “For listed entertainment companies, the key artist’s activity plan is an important management matter and has a significant impact on the company’s stock price. Insiders, such as executives and employees of listed companies, should keep in mind that they may be subject to criminal punishment if they use undisclosed information for stock trading or allow others to use it.“
Source: Nate
