Adoer Side: "Board Meeting by May 10, General Meeting by End of Month"

Temporary General Meeting Convening Permission Hearing Date Announced
HYBE Jung Jin-su "It May Not Be a Lie"

Adore, which is in a management rights conflict with HYBE, announced plans to hold a board meeting and a general shareholders' meeting next month.

Min Hee-jin, CEO of ADOR, is making a statement on the 25th at the Korea Conference Center in Seocho-gu, Seoul, regarding the conflict with the parent company HYBE. Earlier, HYBE announced the results of an interim audit on ADOR's management, including CEO Min Hee-jin, and stated that they would file charges against them for breach of duty and other allegations. Photo by Kang Jin-hyung aymsdream@

Lee Won, a lawyer from Sejong Law Firm representing Adore, said to reporters after the hearing for the temporary shareholders' meeting convening approval application held on the afternoon of the 30th at the Seoul Western District Court Civil Division 21 (Presiding Judge Jeon Boseong), "The board meeting will be held by May 10, and the shareholders' meeting will be held by the end of May. We also said that we would provide additional statements to the court by May 13, including this information."

Before entering the courtroom that day, Lawyer Lee explained that CEO Min Hee-jin and others intend to convene the board meeting, but the date requested by HYBE is too tight, so more time is needed. He said, "Everything has been raised sequentially since the 22nd. The NewJeans comeback is scheduled for May, and the music video was released last Saturday, so these things need to be prepared, but problems have arisen. We responded to the media leaks and filed complaints, but amid all this, how will this procedure proceed?"

In response, HYBE CLO Jung Jin-soo told reporters, "We have to see if they will do so. Since the court said so, I think it is not a lie," adding, "In court, we asked for a judgment according to the law." Regarding the schedule of the shareholders' meeting, he said, "It is not very different from what we had in mind," but added, "I do not know Adore's intentions. We need to watch closely," withholding further comments.

Earlier, HYBE requested to hold a board meeting on the 30th to replace the management of its subsidiary Adore. HYBE claims that as a result of an audit of Adore starting on the 22nd, it confirmed that a plan to seize management rights was established under the leadership of CEO Min. However, since CEO Min refused to convene the board meeting, HYBE filed an application with the court on the 25th for approval to hold a temporary shareholders' meeting.

CEO Min's side submitted a request to the court on the 29th to change the hearing date, but the court did not accept it, so the hearing was held as scheduled on that day.