IU's agency Kakao M will be taking legal action against the rumors she used insider information.

The singer-songwriter was accused of using insider information from the government to profit from her purchase of buildings, and her label responded that was not the case. Kakao M has now stated IU will be taking legal action against the malicious rumors. The agency stated, "There are no plans to sell the building in question, and the rumors are false. We'd like to stress the rumored value is only speculated, and the information is not confirmed."

Kakao M continued, "We're collecting evidence with e-mails that fans sent us today about online rumors and malicious comments. In order to protect our artist from defamation of character and speculated rumors, we'll take strong action."

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