The ongoing legal dispute involving three former members of the K-pop girl group FIFTY FIFTY has led to new developments. IOK Company recently signed exclusive contracts with these former members and has seen its stock price drop significantly within just one day.
As of the morning of the 13th, IOK Company’s stock price has declined for a second consecutive day. This decline seems to be linked to IOK’s decision to sign contracts with Saena, Aran, and Sio, former members of FIFTY FIFTY who have faced backlash and been labeled as traitors by fans.
IOK has announced the launch of its subsidiary label, MASSIVE E&C, and the signing of exclusive contracts with these three members. They are expected to begin their full-scale activities later this year.
Shareholders have expressed their dissatisfaction in stock discussion forums, criticizing IOK’s decision. Comments include, “Why sign traitors from a company that’s been struggling financially for five years?” “I sold all my shares after reading this.” “It looks like they’re trying to destroy the business.” and “Are they out of their minds?”
FIFTY FIFTY initially gained global attention with their hit single “Cupid,” which peaked at No. 17 on the Billboard Hot 100 last year.
However, in June of last year, FIFTY FIFTY halted their activities shortly after their success, filing a petition to terminate their contracts with their former agency, Attrakt. The court dismissed the petition and ruled in favor of Attrakt. Of the four members, only Keena has returned to Attrakt and is preparing for a comeback with new members next month.
Following this, Attrakt notified Saena, Aran, and Sio, who had not returned to the agency by October, of the termination of their contracts. In December, Attrakt filed a lawsuit seeking damages of 13 billion won (approximately US$9.5 million) against these three members and their parents. The first hearing for the case is scheduled for the 29th.
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