On Tuesday, July 22, the law firm Rojipsa announced that it would be taking legal action against HYBE Chairman Bang Si-hyuk. Following previous speculation of his involvement in fraudulent and unfair trading, it was recently reported that the law firm will not only pursue a lawsuit against the chairman for his alleged unfair transactions, but will also begin recruiting plaintiffs for the case.According to Rojipsa's representative, Lee Jung-yeop, they will file the lawsuit once they gather more than 50 plaintiffs to support the case. The representative said:“We plan to initiate a class action lawsuit against Chairman Bang Sihyuk and executives of related investment funds. We believe this case falls under the Class Action Act, and we intend to move forward once we gather more than 50 plaintiffs.”The representative also hinted at the possibility of HYBE getting delisted. Delisting is when a company is removed from the official register of a stock exchange. Therefore, if HYBE gets delisted, their stocks and shares will no longer be in the stock market trading industry.“Although the likelihood is low, HYBE may face delisting. General shareholders could suffer massive losses. This is a very serious issue and could warrant a review for maintaining HYBE’s listing status.”All you need to know about unfair trading practice allegations against HYBE Chairman Bang Si-hyukAccording to The Korea Economic Daily, the HYBE Chairman, Bang Si-hyuk, was being investigated on suspicion of unfair trading practices. This controversy was led by the rebranding of BigHit Entertainment into HYBE Labels back in 2020.According to the Korea Economic Daily, before the IPO, the chairman misled the company's investors by stating that they had no interest in a public listing. While the investors continued to believe the same, Bang Si-hyuk allegedly established ties with private equity funds, resulting in a profit of 400 billion KRW ($289.3 million) after HYBE went public.Therefore, given that these profits are not mentioned in the official filings of HYBE Labels, the chairman had allegedly violated the Capital Market Law of South Korea. As the investigation continued to be underway, HYBE Labels also released an official statement expressing their thoughts on the matter."It is regrettable that the largest shareholder's active explanation that he appeared for the Financial Supervisory Service investigation and that he had not sought private profits on the premise of the listing was not accepted."The statement continued,"We respect the decision of the financial authorities and will do our best to more actively clarify the related suspicions in the upcoming investigation so that we can restore the trust of the market and stakeholders."While no official conclusions have been made about Bang Si-hyuk's allegations, if the chairman is found guilty, according to the South Korean law system, any illegal profits or avoidance of losses accounting for more than 5 billion KRW will result in a minimum jail term of five years or lifetime imprisonment.