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On September 23, 2024, Edaily reported that HYBE's shares hit a 52-week low, trading at 158,700 won, down 0.81% from the previous day. The stock dropped to 158,000 won during the day.
This decline comes as NewJeans' ultimatum date approaches. On September 11, 2024, the group demanded Min Hee-jin's return as ADOR's CEO by September 25, 2024. On September 24, they held an emergency meeting with ADOR's new CEO, Kim Joo-young, and reiterated their demands.
Notably, several netizens have associated HYBE's plummeting stock price with its ongoing feud with Min Hee-jin, which also embroiled the girl group. However, one of the reasons that the stock price sees a downward trend is when a certain company or its artist gets involved in a controversy. In this case, HYBE versus Min Hee-jin, has been ongoing since late March 2024.
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Min Hee-jin files for another injunction to get reinstated as ADOR's CEO following NewJeans' livestream
Following NewJeans' YouTube livestream, Min Hee-jin filed another injunction to call for an emergency shareholders' meeting to enable her restoration as ADOR's CEO. Representatives of Min Hee-jin declared on September 13 that an injunction had been submitted to the Seoul Central District Court.
According to the translation provided by Soompi, Macoll Consulting Group, Min Hee-jin's representatives, stated,
"Today, former CEO Min Hee Jin filed an application for injunction to convene an extraordinary general meeting of shareholders and reappoint Min Hee Jin as an inside director of ADOR with the Seoul Central District Court.[...] The dismissal of former CEO Min Hee Jin is a violation of the shareholders’ agreement and contradicts the court’s decision to prohibit the exercise of voting rights."
They continued that HYBE allegedly violated her existing contract and wrongfully dismissed her as ADOR's CEO on August 27, 2024. According to the legal firm, she would fight for her position as a board member before taking further action to regain the CEO position.
"Former CEO Min Hee Jin is guaranteed a five-year term as CEO and inside director of ADOR under the shareholders’ agreement. [...] We hope that HYBE will cease the continuous contract violations, business interference, defamation, and insults and make reasonable management decisions for the future of ADOR and NewJeans. Thank you."
Notably, Min Hee-jin was fired from her position as CEO of ADOR on August 27, by ADOR's independent board of directors. She then declined to stay on as an inside producer and refused to sign the contract, alleging unfair contract terms.
Netizens are awaiting HYBE and ADOR's final decision on Min Hee-jin's and NewJeans' demands.
