This is about the ongoing conflict between HYBE and the management of sub-label ADOR.
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Summary of Previous Megathreads
MEGATHREADS and and covered events from April 22nd to the 26th
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HYBE initiated the audit of sub-label ADOR, Min Hee Jin and ADOR's management claimed it was a witch-hunt/media play due to her frustrations with an internal complaint that new group ILLIT's visual concept was copying what she had designed for NewJeans.
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HYBE found further indications that ADOR's management was planning to undermine the value/function of the company and break ADOR away. Min Hee Jin held an emergency press conference for over two hours to reveal the internal politics of HYBE and her frustrations. HYBE refuted claims made during the conference.
MEGATHREAD provides a SUMMARY of all events so far and up to the 30th
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Various conspiracies spread online over the last weekend in April. HYBE labels BIGHIT Music and SOURCE Music released statements vowing to take legal action to protect their artists against slander and groundless rumors.
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A court hearing was held on the 30th resulting in schedules for upcoming meetings. ADOR's board meeting is supposedly set for May 10th and HYBE's general shareholders' meeting for sometime by the end of the month.
MEGATHREAD covered the first half of May.
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ADOR's meeting was set on the 10th and held, wherein a shareholders' meeting was set for May 31st. Min Hee Jin filed an injuction against HYBE with a hearing to take place on the 17th.
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Claims fired back and forth around HYBE continuing their audit and obtaining a personal laptop from an ADOR employee over potential embezzlement concerns.
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A Letter allegedly written by the parents of NewJeans and forwarded to HYBE via MHJ was made public. It included complaints about the treatment of NewJeans within the company. HYBE rebutted the letter and questioned its origins and the intentions of its release.
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HYBE requested an investigation regarding findings that ADOR's Vice President sold a large amount of HYBE shares a week before the audit began, suggesting he had reason to believe the company's stock price would fall.
Articles / Timeline
240515
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Indirectly related, HYBE will be listed as a conglomerate due to assets of $3.65 billion or larger. See Yonhap article below.
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Yonhap News:
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It was confirmed HYBE requested an FSS investigation on the 14th. It was reported they submitted concrete evidence seized during the audit of potential insider trading, arranging meetings with foreign investors, etc. and working with foreign securities analyst Mr. A. (Source: )
Looking ahead:
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May 17: The Seoul District Court (Civil Affairs Dept.) will investigate/interrogate regarding the injunction Min Hee Jin filed against HYBE (previously reported on the 7th)
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May 31: The extraordinary shareholders' meeting to potentially oust and replace Min Hee Jin as ADOR CEO.
Link back to MEGATHREADS and and and and
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