The chairperson Bang Si-hyuk is under investigation by the Financial Supervisory Service for alleged fraudulent trading, which is negatively impacting HYBE's stock price.
As of 1:32 p.m. on the 3rd, HYBE is trading at 288,000 won, down 17,000 won (5.57%) from the previous trading day.
According to the financial investment industry, Bang appeared at the Financial Supervisory Service at the end of last month for questioning. He is accused of misleading investors by claiming that there were no plans for an Initial Public Offering (IPO) during HYBE’s listing process, while pushing for the listing. It is said that he had investors sell equity to a private equity fund established by an acquaintance, claiming that a listing was impossible. However, HYBE was in the process of preparing for an IPO at that time.
The Financial Supervisory Service is investigating Bang for potential fraudulent trading. Based on the investigation results, it seems that they will decide whether to impose sanctions or file a complaint with the prosecutors through the Securities and Futures Commission.