Attorneys Raid HYBE Headquarters Amid Insider Trading. While Investigating Insider Trading, Prosecutors Raid HYBE Headquarters

The offices of the entertainment behemoth HYBE were the location of a search and seizure operation that was carried out by South Korean prosecutors, as reported by legal authorities on May 29. HYBE executive, who will only be referred to as Mr. A, is the subject of an investigation by the Seoul Southern District Prosecutors’ Office, which is based on the suspicion that he made illegal profits by making use of information that was not disclosed. It is believed by the authorities that Mr. A made a purchase of shares in YG Plus at the beginning of 2021 after prior knowledge that HYBE, which was then known as Big Hit Entertainment, intended to make an investment in the company. It is supposed that he made a profit of roughly 240 million Korean won, which is equivalent to approximately $175,000, from the trade.