Toshiba Corp. (TOSYY) is suing joint venture partner Western Digital Corp. (WDC) for ¥120 billion ($1 billion), ratcheting up the stakes in a legal battle with allegations that the San Jose, Calif. chip maker has illegally interfered in the sale of its memory chip unit and stolen sensitive technology.
The announcement of the litigation, on Wednesday, June 28, capped another difficult day for Toshiba's management who were obliged to front an angry shareholder meeting to admit that they had missed a self-imposed deadline to finalize an agreement to sell Toshiba Memory Corp., or TMC.
Toshiba shares closed Wednesday at ¥287.60, down 1.8%.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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