Some 530 Livedoor Co. shareholders met Sunday in Tokyo with a group of lawyers to discuss their planned lawsuit against former Livedoor President Takafumi Horie and other former executives.
The lawyers’ group, formed last month to help the shareholders, said it is planning to file the suit around September after assessing losses caused by a plunge in share prices stemming from the accounting-fraud scandal.
There were roughly 220,000 Livedoor shareholders as of the end of last September and the lawyers received about 600 inquiries from those who could not attend Sunday’s meeting, stirring expectations the planned suit will be a large class action.
The Securities and Exchange Law allows for shareholders to seek damages if they trade shares based on false information provided by companies.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.