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HYBE Shares Fall on News of Investigation Into Chairman Bang
HYBE stock fell this week on news that Chairman Bang Si-Hyuk is being investigated for allegedly fraudulent stock transactions.
Reports out of South Korea this week said police in Seoul have resubmitted a search and seizure warrant for HYBE chairman Bang Si-hyuk in an investigation into allegations of fraudulent stock transactions by the music mogul. Sources told Yonhap News Agency that Bang netted $291 million in 2020 from deals with private equity firms to share a portion of the gains from HYBE’s IPO. On Thursday, the company fell 2.9% on heavier-than-average trading volume following reports that it canceled concerts at Boston’s Fenway Park by Shakira and Jason Aldean due to safety concerns about the venue’s stage.
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