HYBE Stock Reaches 52-Week Low as NewJeans Faces Deadline to Reappoint Min Hee-jin as ADOR CEO

On September 23, 2024, Edaily reported that HYBE’s stock experienced a 52-week low, trading at 158,700 won, which marked a decline of 0.81% from the previous day. During the trading session, the stock dropped as low as 158,000 won.

This decline is particularly notable as the ultimatum date set by NewJeans approaches. On September 11, 2024, the popular girl group demanded the reinstatement of Min Hee-jin as ADOR’s CEO by September 25, 2024. The following day, on September 24, they convened an emergency meeting with ADOR’s newly appointed CEO, Kim Joo-young, where they reiterated their demands.

Interestingly, many netizens have linked the drop in HYBE’s share price to the ongoing conflict with Min Hee-jin that also involves NewJeans. It is common in the stock market for a company’s share price to decline when controversies arise involving its artists or management. This particular conflict between HYBE and Min Hee-jin has been ongoing since late March 2024.

Min Hee-jin Files for Another Injunction Seeking Reinstatement as ADOR’s CEO After NewJeans’ Livestream

Following NewJeans’ YouTube livestream, Min Hee-jin has filed another injunction to call for an emergency shareholders’ meeting aimed at restoring her position as ADOR’s CEO. Her representatives announced on September 13 that the injunction was submitted to the Seoul Central District Court.

As translated by Soompi, a representative from Macoll Consulting Group 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.”

Furthermore, her representatives claimed that HYBE has breached her existing contract and terminated her role as ADOR’s CEO unjustly on August 27, 2024. They also indicated that Min Hee-jin plans to contest her dismissal as a board member before taking additional steps to recover her position as CEO.

“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.”

It is significant to note that Min Hee-jin was terminated as CEO of ADOR on August 27, by ADOR’s independent board of directors. Following her dismissal, she chose not to continue as an inside producer, citing unfair contract terms.

As developments unfold, netizens are keenly awaiting the final verdict from HYBE and ADOR regarding the demands from both Min Hee-jin and NewJeans.

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