Luhan of EXO reportedly have filed to nullify his contract with SM; SM Entertainment’s stocks start taking a dip

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Fans of the K-pop idol group, EXO have been speculating that health problems may not be the sole reason behind Luhan's absence in the recently concluded SMTOWN concert and EXO activities, Allkpop reports.

These rumors that have been spreading in the online community might actually be true as new reports surface suggesting that Luhan has allegedly filed a case against SM Entertainment in a step to terminate his contract with the label.

According to Koreaboo, the lawsuit was filed in the morning of October 10, at the Seoul Central District Court. The website also wrote that Luhan's case is confirmed to be the same with that of former EXO member Kris (Wu Yifan) who left the group in May.

The widely-followed Chinese EXO member will be represented by the same lawyer who handled Kris and Hangeng's (former Super Junior member) cases.

As Daily Kpop News noted, this news brings light to previous speculations that there is more to Luhan's inactivity than just health reasons which SM Entertainment previously pointed out. Also, the news was quickly linked to previous reports where Super Junior Heechul hinted of such an upcoming event, as well as Leeteuk's joke that Jessica will not be the last.

Korean media outlet TVDaily released a copy of the alleged application showing the name 'Lu Han.'

SM Entertainment, meanwhile, responded to the reports, saying they are currently looking into confirming the situation.

Meanwhile, the news has since negatively affected the financial stature of the agency. According to Allkpop, the company's stocks have taken a dip as it dropped 3,100 KRW within 15 minutes after the news broke.

A month after Kris's lawsuit news surfaced, their stocks had hovered about 30% below their normal. This time, Luhan's lawsuit combined with Jessica's recent exit from Girls' Generation, has so far set the agency 19% below from what its price has been early this month.

According to Soompi, SM has yet to release an official statement about the matter.

Tags
Luhan leaves EXO, EXO

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