SM Entertainment Is Raided On Suspicion Of Stock Manipulation

SM Entertainment was raided by the Financial Supervisory Service, which regulates the financial market after the label was alleged to have manipulated its stocks.

On April 18, authorities of the Financial Supervisory Service raided SM Entertainment’s office in Seongsu-dong in Seoul. According to reports, authorities have obtained files related to the allegations.

On April 2, HYBE made an official complaint to the Financial Supervisory Service, stating that an outside party was raising SM Entertainment’s stock prices to obstruct HYBE from purchasing shares.

Since then, the Financial Supervisory Service has opened a dual investigation with Southern Seoul prosecutors. Previously, the Financial Supervisory Service raided Kakao in relation to allegations of manipulating SM Entertainment’s stock prices.

Police Raids Kakao After Suspicions Of Stock Manipulation During The SM Entertainment Acquisition

Stay tuned for updates.