According to Allkpop, the ongoing legal dispute involving three former members of the Kpop girl group Fifty Fifty (Saena, Aran and Sio) has led to new developments.
Immediately after IOK Company announced the signing of exclusive contracts with these female idols, the stock price dropped significantly in just one day.
As of the morning of August 13, IOK's stock price fell for the second consecutive day. This drop is said to be related to the decision to sign Saena, Aran and Sio - idols who have faced public backlash for lying and were considered traitors by fans. .
IOK is an artist management company that brings together many Korean actors such as Jo In Sung, Go Hyun Jung, Shin Hye Sun, Moon Chae Won, Kim Ha Neul and Chae Jong Hyeop.
On August 12, they announced the launch of their new record label MASSIVE E&C, and signed exclusive contracts with three former Fifty Fifty members. They are expected to begin their full-scale operations later this year.
IOK shareholders have expressed dissatisfaction on stock discussion forums, criticizing IOK's decision. Comments such as: “Why sign with traitors to a company that has struggled financially for 5 years?”, “I sold all my stocks after reading this article”, " It seems like they are trying to sabotage the business", "Are they crazy?"...
Fifty Fifty was originally a 4-member girl group consisting of Keena, Saena, Aran and Sio. After just a few months of release, Fifty Fifty attracted global attention with the hit " Cupid ", breaking Blackpink's record and reaching No. 17 on the US Billboard Hot 100 chart last year.
However, in June 2023, Fifty Fifty stopped operating when four members suddenly filed a request to terminate the contract with the management company Attrakt, citing reasons such as the company not taking proper care of their health, schedule, the members have not been paid since their debut.
At the end of August 2023, the Seoul Central Court rejected Fifty Fifty's lawsuit because they did not sufficiently explain the reason for canceling the contract. The 4 idols then continued to file an appeal.
In October 2023, Keena suddenly withdrew the appeal, directly apologized to Attrakt CEO Jeon Hong Jung and asked to return.
Attrakt also announced the termination of exclusive contracts with Sio, Aran, Saena, because the 3 members did not have any feedback, corrections or regrets about the contract violation.
In December 2023, Attrakt filed a lawsuit demanding 13 billion won in damages against these 3 members and their parents.
Attrakt is preparing for the return of a new version of Fifty Fifty, with Keena and 4 newly recruited members, scheduled to release a mini album on September 20.
