Toshiba Served with New $83 Million Lawsuit; 28 Lawsuits in Total
Trouble continue for beleaguered Toshiba Corporation of Tokyo, Japan, with the firm reporting today that on June 16th, six institutional investors filed a lawsuit against Toshiba in the Tokyo District Court seeking damages in the amount of 9,226,668,044 yen (approximately $83 million U.S.) due to “inappropriate accounting” at Toshiba.
Toshiba notes that this isn’t the first lawsuit it’s been on the receiving end of due to accounting irregularities related to its U.S.-based Westinghouse unit. Currently, it’s been served with 28 lawsuits, including 26 complaints that it announced last month. The total combined amount of these lawsuits is 117.2 billion yen (approximately $1 billion U.S.).
- July 2017: Epson to Replace Toshiba on Tokyo Stock Exchange
- July 2017: Nikkei Demotes Toshiba on Tokyo Stock Exchange; Faces Delisting
- June 2017: Toshiba Sues Western Digital; Fails to Meet Self-Imposed Deadline to Sell Memory Business
- June 2017: Toshiba Being Sued for $399 Million for Accounting Irregularities
- June 2017: Western Digital Seeks to Block Toshiba’s Sale of Memory-Chip Business
- June 2017: Toshiba Determined to Sell Memory-Chip Business Despite Hurdles
- May 2017: Toshiba Not Reporting Audited Full-Year Financial Results at Shareholders’ Meeting
- April 2017: TABS CEO Reassures Clients in Wake of Toshiba Corp. Difficulties