Corp-Ethics Home
Log In | Register New User
Home Company Search Related Articles Forum (new!)

Company Livedoor [Company Info]
  Track this Company (an email will be sent to you everytime a report is filed about this company)

Date Issue Title
16th Mar 2006 Other Issue Livedoor shareholder to sue firm

Report
One of Livedoor's main investors is to sue the scandal-hit Japanese firm for compensation, saying it bought its stake under false pretences.

Broadcaster Fuji Television Network said it acquired the 12.5% stake on the basis of false financial information.

Five Livedoor executives, including former boss Takafumi Horie, have been charged with falsifying financial reports at the once-heralded business.

Fuji is now selling its Livedoor stake, severing its links with the firm.

It is selling the shares to rival broadcaster Usen Corp for 9.5bn yen ($81m; 46m), much less than the $374m it paid for its stake last year.

It also plans to sue Livedoor for about $293m in damages, claiming it had been misled into paying more for the shares than they were worth.

"We will act in a strict manner on this case in court," said Hishashi Hieda, Fuji TV's chairman.

Livedoor shares, which are being delisted by the Tokyo Stock Exchange, have fallen 90% since the start of the year.

Fuji TV confirmed the sale on Thursday, saying it hoped the deal "would help revive Livedoor".

Fuji TV was a reluctant partner of Livedoor, as the share deal came about only after Mr Horie failed to buy a Fuji subsidiary last year.

Mr Horie, who denies the charges, has been in custody since January and has been refused bail.

Mr Horie, who remains Livedoor's largest shareholder, and other executives have been charged with inflating profits at the internet firm and spreading false financial information about a transaction in 2004.

They have denied any wrongdoing.

Other Reports on Livedoor
Date Issue Company Report
23rd Mar 2007 Fraud Investigation Livedoor Japanese tycoon and his staff guilty of fraud
4th Sep 2006 Fraud Investigation Livedoor Livedoor's Horie pleads innocence
23rd Jun 2006 Fraud Investigation Livedoor Top Japanese fund manager charged
5th Jun 2006 Fraud Investigation Livedoor Fund chief is arrested in continuing Livedoor scandal
25th May 2006 Fraud Investigation Livedoor Livedoor executives go on trial
13th Mar 2006 Fraud Investigation Livedoor Tokyo exchange to delist Livedoor
12th Mar 2006 Fraud Investigation Livedoor Livedoor boss facing new charge
13th Feb 2006 Fraud Investigation Livedoor Livedoor chief Horie is charged

Related Reports from the Computing & IT Industry
Company Issue Report
Microsoft Corporation Other Issue Microsoft hit by record EU fine
AOL TimeWarner Fraud Investigation Time Warner, Ernst to Settle Fraud Suit
Yahoo Questionable Practice Chinese man 'jailed due to Yahoo'
Yahoo Fraud Investigation Yahoo settles click fraud lawsuit
Microsoft Corporation Other Issue Microsoft settles anti-trust case
 
Contact Us | Terms of Service | Privacy Policy | Add Report | Links
© 2006 Corp-Ethics.com | Corporate Ethics