After it was announced that EXO’s Luhan filed a lawsuit against SM Entertainment to nullify his contract, SM’s stocks took a beating.
SM’s stocks dropped 14.87% in less than a day.
And it’s unfortunate for SM Entertainment because it’s been less than two weeks since Jessica’s departure injured its stocks.
It’s going to be hard for SM Entertainment to bounce back.
With so much damage being dealt to SM’s finances, we wonder what investors are thinking at the moment.
Will the board of directors demand a change in CEO? Will SM Entertainment finally revamp their slave-like system?
Friends of Luhan say that Luhan felt like a robot working for SM Entertainment. Having a non-stop schedule with minimal sleep, not being able to visit his family even on his time off, and not be able to voice his opinions/wishes about the direction he wants to take in his career.
SM Entertainment needs to loosen up it’s system because it’s backfiring hard on them this year. They’re hemorrhaging and they need to do something to fast or else they’ll lose their #1 spot in the K-Pop industry.