Rain Company has denied reports of Rain stepping down as CEO and transferring Ciipher to another label.

On November 29, reports stated Rain was stepping down as the CEO of Rain Company, and he'll be transferring the management rights of boy group Ciipher to a different agency. However, Rain Company denied the rumors, stating, "The exclusive report published by a news outlet today is totally groundless."

The label continued, "It's not true that Rain is stepping down as the CEO of the agency or that Ciipher's management rights will be transferred to a different agency. We're letting you know there has been absolutely no discussion in regards to Ciipher moving to another label."

Stay tuned for updates on Rain and Ciipher.