SM Entertainment has been banned from issuing new shares and convertible bonds after an injunction was granted to founder Lee Soo Man by the Seoul Eastern District Court. Lee Soo Man’s lawyers claimed that the company had used illegal methods to sell shares to Kakao and threatened to take legal action. The court believed that the action by SM Entertainment’s management was created to weaken the largest shareholder’s control in the company, following HYBE’s purchase of its shares.
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What is the full statement from Lee Soo Man’s law firm regarding the injunction granted to ban SM Entertainment from issuing shares and bonds?
