Market Chatter: FSS Probes Hybe Chairman for Alleged IPO Misrepresentation

MT Newswires Live

05/29

South Korea's financial watchdog, the Financial Supervisory Service, is currently probing Hybe's (KRX:352820) founder and chairman Bang Si-hyuk for allegedly misleading investors ahead of the entertainment giant's initial public offering in 2020, Yonhap News reported Wednesday.

The FSS is probing claims that Bang downplayed IPO intentions in 2019 while securing external audit approval, despite reportedly signing a profit-sharing deal with private equity funds in 2020 and earning around 400 billion won, the report said.

Shares of Hybe fell nearly 3% at market close on Thursday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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