Shares of Hybe, South Korea’s leading K-pop label, fell nearly 5 percent on Friday morning as its popular group NewJeans prepares to face off against a music group that could spark a legal dispute.
The group said on Thursday night that it would terminate its exclusive contract with Ador, a subsidiary of Hybe, due to a breach of contract with the governing body. The deal is supposed to last until 2029.
The decision comes later months of conflict between Min Hee-jin, an idol group producer and former CEO of Ador, and Hybe, who accused Min of trying to take over the label.
Min denied the allegations and Ador said there was no breach of contract.
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