Girl group NewJeans announces departure from ADOR due to contract breaches and mistreatment, leading to Hybe's market cap losing over $423 million. The announcement follows a months-long dispute between ADOR and Hybe.
The five-member girl group NewJeans, formed in 2022, announced in a press conference that they are leaving their agency ADOR , citing contract breach es and mistreatment. This decision follows a prolonged management dispute between ADOR and Hybe , leading to a significant drop in Hybe 's share prices and a market cap loss of over $423 million.
NewJeans had previously sent a legal notice to Hybe, including demands such as reinstating Min Hee-jin as CEO and addressing a Hybe internal report suggesting the band be disbanded. The group's announcement not only criticizes Hybe's management practices but also accuses the company of copying NewJeans' concept for another girl group
Newjeans ADOR Hybe K-Pop Contract Breach Market Cap Loss
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