A class action lawsuit is being prepared against HYBE chairman Bang Si Hyuk over alleged fraudulent and unfair trading practices.
On July 22, law firm Rojipsa announced plans to file the lawsuit and began recruiting plaintiffs. Lead attorney Lee Jungyeop stated the firm is targeting Bang and related investment fund executives, aiming to proceed under the Class Action Act once 50 or more plaintiffs are secured.
Bang is currently under criminal referral by financial authorities for alleged violations of capital market laws. He’s accused of misleading early investors by secretly selling shares to a private equity fund while claiming HYBE had no IPO plans, and failing to disclose a profit-sharing deal worth approximately 400 billion KRW (~$290 million USD).
Rojipsa warned that the scandal could potentially impact HYBE’s listing status, posing serious risks to general shareholders. HYBE responded, expressing regret over the situation and pledging to cooperate with the investigation to restore market trust.
