The five-member girl group NewJeans, formed in 2022, announced in a press conference that they are leaving their agency ADOR, citing contract breaches 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
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