Three employees at Hybe, the agency behind K-pop megastars BTS , have been accused of insider trading by South Korea’s financial watchdog over share sales before the group’s bombshell “hiatus” announcement.
The company’s share price fell nearly 25 per cent when the market opened the day after the announcement, wiping nearly 2 trillion won off its value. “We referred the three officials, one of whom is a team leader, to the prosecution with the opinion that they should be indicted,” said the watchdog. Entertainment agencies should have a system where important information for investors is made public transparently and through a right channel, it said.
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