ADOR's side "selling the vice-president's stock is for rent money'... Hope it stops making a dent

May 14th, 2024

ADOR announced its position regarding the report that Vice President of ADOR, S, a subsidiary agency of group NewJeans, sold all of his HYBE stocks a week before he was audited by HYBE.

On the 14th, ADOR said, "We hope HYBE will stop making unreasonable claims and excessive management scratches to avoid responsibility for the stock price decline."

ADOR said, "According to HYBE's claim, S sold 950 shares (worth approximately 200 million won) on April 15, a week ago, in anticipation of HYBE's right to audit on April 22. Of course, the management did not know HYBE's audit plan in advance. Due to S's transaction, the difference is only 19 million won. He signed a lease contract on April 8 and sold the shares to balance the lease."

ADOR then said, "Contray to their arguments, HYBE alleged KakaoTalk content is to discuss countermeasures if the 'ILLIT plagiarism issue' persists. If internal accusations are not accepted, it considers how to report the content to the Fair Trade Commission as a final method, how to proceed with an external petition to the effect that plagiarism is unfair, and how to inform them that plagiarism is unfair under the Unfair Competition Prevention Act."

ADOR said, "All of these are issues that wouldn't have happened if HYBE hadn't started. The irrationally of shareholder contracts, the plagiarism of ILLIT, and the problems raised by stylists and whistleblows did not do so even though HYBE could have been solved internal in advance."

In addition, ADOR asked about the continuing noise despite the comeback of NewJeans, "Who is responsible for the stock price decline right now? The stock price plummeted immediately after listing, the mass sale of stocks by top executives at the highest price, and the use of undisclosed information. Who do you think is appropriate for HYBE, which has been investigated by the exchange, the Financial Supervisory Service, and the prosecution for loss aversion, and has caused kisses to numerous small investors, to raise this issue with ADOR management? I hope you reflect on yourself to see if it is an appropriate expression," they said.

He added, "HYBE, as the parent company, should focus on its business activities. We also hope that it will stop any more malicious media play and deal with the facts in court with an attitude of protecting artists."

The following is the full text of ADOR's official positions/entry

ADOR hopes HYBE will stop its insistence and excessive management scratching to avoid responsibility for the stock's fall.

It was HYBE, not ADOR, that started this situation.

hYBE began the audit in April 22nd and immediately announced the details to the media. They requested that an extraordinary general meeting of shareholders be convened at the same time as the audit began. This is a plan to replace ADOR's management regardless of the audit results. Looking at HYBE's actions so far, from the outrageous stylist embezzlement claim to the current ADOR vice-president's market manipulation claim, it is clear that there is a malicious intention to tarnish ADOR's management and get them fired.

According to HYBE's claim, S sold 950 shares (worth about 200 million won) on April 15, a week ago, in anticipation of HYBE's invocation of audit rights on April 22nd. ADOR's management was not aware of HYBE's audit plan in advance. Due to S's transaction, the difference is only 19 million won. The deputy proceeded with the leasehold contract on April 8th and sold the shares to balance the leasehold. Attached is a file in this. In this regard, HYBE is making ridiculous, claims that even he might feel strange to himself, such as using undisclosed information/market manipulation."

Contrary to their claims, HYBE's alleged KakaoTalk content discussed countermeasures of the 'ILLIT plagiarism issue' persists. In the case where internal accusations are not accepted, it considers how to report the content to the Fair Trade Commission as a final method, how to proceed with an external petition to the effect that plagiarism is unfair, and how to inform them that plagiarism is unfair under the Unfair Competition Prevention Act.

Funnily enough, all of these things couldn't have happened if HYBE hadn't started. The irrationally of shareholder contracts, the plagiarism of ILlIT, and the issues raised by stylists and whistleblowign were all issues that HYBE could have solved internally, provocative words without explaining the exact content, misleading public opinion every day with false facts. Please don't make up a partial extraction of irrelevant conversation for their own purposes rather than for factual purposes in the audit. In response, ADOR's deputy leader A announced his intention to withdraw his consent to provide information and use it through a notice of withdrawal on May 9. HYBE continues to violate the human rights of employees of its affiliates. It has repeatedly stated that it plans to take active civil and criminal action against officials if this behavior continues.

It's a time when we're committed to a major project called NewJeans' comeback. Today, the good news has arrived that NewJeans is selling out all the tickets for the second round of its Tokyo Dome fan meeting in Japan. Despite the good news, HYBE has repeatedly lied that he's protecting artists whike not focusing on promoting them, because he's bent on finding fault with his subsidiary. Unlike HYBE, the main culprit behind this week's decline, ADOR executives are committed to NewJeans' comeback activities to fulfill their responsibilities to shareholders.

We ask HYBE again. Who is responsible for the stock price decline right now? Do you think it's appropriate for hYBE to raise this issue with ADOR's management, which caused losses to numerous small investors after undergoing investigations by the exchange, the Financial Supervisory Service, and the prosecution due to a sharp decline in stock prices immediately after listing, mass selling of top executives' shares at the highest price, and avoiding losses using undisclosed information? We hope HYBE will reflect in who the 'evilness' expressed in its previous statement is appropriate for.

HYBE, as the parent company, should focus on its own business activities. We also hope that in an attitude of protecting artists, they will stop any further malicious media play and deal with the facts in court.

Thank you.

ADOR Team

Source: SportTV news