SM’s Stock Prices Plummet Following News of Luhan’s Lawsuit
As soon as news of EXO’s Luhan filing a lawsuit against SM Entertainment was made known to the public, the company’s stocks have taken a big hit.
In a matter of 15 minutes following the reports of Luhan’s lawsuit, the company’s shares fell 3,100 won from 36,150 won to 33,050 won. This drop resulted in a loss of 64 billion won (approx. 60 million USD), setting SME at an all-time low since a year ago.
This is not the first time that SME’s stocks have plummeted this year. With Kris (Wu Yi Fan) having filed a lawsuit to nullify his contract with SME in May of this year, as well as Jessica leaving Girls’ Generation not too long ago, the label has seen a continuous drop in its stocks, without much time for recovery.