Min Heejin's Side Claims "NewJeans Tampering Is Stock Manipulation Scam... Member's Family Involved"

Min Heejin, former CEO of ADOR. Photo by Yonhap News

The legal team representing former ADOR CEO Min Heejin claimed that the substance of the tampering allegations is, in fact, a case of stock market manipulation orchestrated in collusion between a specific businessperson and a member's family.

Seonwoong Kim, a lawyer at the law firm Jiam, denied the related allegations at a press conference held in Jongno-gu, Seoul, on the afternoon of the 28th, and announced that Min would not be attending.

Kim stated, "As this matter involves the family of a NewJeans member, it is difficult to speak about it directly," and explained, "Former CEO Min even attempted to reach a settlement by giving up her contractual rights as a shareholder to return to NewJeans, but as attempts to use the member's family continued during the dispute, she decided to hold this press conference to clarify her minimum position."

Kim characterized the tampering allegations as "a large-scale public fraud aimed at boosting the stock price of a particular company." The legal team representing Min stated that they had identified signs of collusion between a family member of one NewJeans member and a specific businessperson to manipulate the stock price, and that they had secured evidence to support this claim.

On the afternoon of the 28th, Seonwoong Kim, a lawyer at the law firm Jiam, held a public press conference regarding the allegations of 'NewJeans tampering' involving former Adore CEO Heejin Min at the Kyowon Jonggak Building in Jongno-gu, Seoul. Photo by Yonhap News

They further raised suspicions that the core management of HYBE and ADOR were already aware of these stock price manipulation attempts but allowed them to continue, using them to their advantage in the dispute with Min. Kim criticized, "The management and major shareholders of ADOR were aware of the stock price manipulation attempts, but instead of protecting NewJeans, they demanded that the member's family testify against Min Heejin regarding the tampering allegations."

They also argued that ADOR is intentionally attempting to disband NewJeans, citing as evidence the fact that only Danielle among the members was notified of contract termination. Kim claimed, "ADOR is attempting to break up NewJeans by terminating the contract of only Danielle among the members," and added, "Filing a damages lawsuit worth 43.1 billion won against Danielle's side is also an attempt to exploit the member's family through litigation."

Currently, Haerin, Hyein, and Hanni have confirmed their return, and Minji is still in discussions, but only Danielle has been excluded from the team, which the legal team described as an act aimed at dismantling the group. Min's legal team added, "Out of concern for the disbandment of the team, we are exposing ADOR's actions through this press conference."