Heejin Min, CEO of Adore, filed a preliminary injunction against Hive. On July 7, Adore’s legal representatives revealed that Hive had called for an extraordinary shareholder meeting to discuss Min’s removal, which they claimed was a breach of the shareholder agreement with Min.
Heejin Min’s claims and the Hive’s response
Ms. Min filed a preliminary injunction seeking enforcement of the shareholders’ agreement and requesting that the shareholders not vote in favor of her removal. Min also dismissed Hive’s claims of misappropriation as completely unfounded, explaining that the company took this legal action to protect the artists and the value of the company. Hive, on the other hand, claims that Min was plotting to seize control of Adobe and has evidence to back it up.
Status of related investigations
On March 25, Hive filed a complaint against Min Heejin and Adore executives at the Yongsan Police Station in Seoul on charges of professional misconduct. In this regard, Seoul Metropolitan Police Commissioner Choi Ji-ho said at a regular press conference in Jongno-gu, Seoul, that there is no concrete progress in the investigation yet, but that the investigation will be sped up as public interest is high. As for the specifics of the complaint, Cho added that they have yet to be confirmed, and that the investigation will continue regardless of whether the amount is finalized.
The Adore board’s plan and Min’s rebuttal
The board of directors of Adore, including CEO Heejin Min, will hold a board meeting on the 10th of this month at a location in Seoul. The board is expected to consider a motion to call an extraordinary general meeting of shareholders, with the agenda not yet specifically disclosed. In response, Mr. Min called an emergency press conference and insisted that “it’s not true” and that firing a high-performing representative is itself a form of malfeasance.
