About 1,000 Livedoor Co. shareholders will launch a damages suit in late May against the Internet firm and its former executives to recover their losses from the sharp fall in its stock price following allegations of accounting fraud, their lawyers said Thursday.
These shareholders are expected to seek 4 billion yen to 5 billion yen in damages, the lawyers told a news conference.
The lawyers also said about 740 Livedoor shareholders have reported an average loss of about 4 million yen, including 60 to 70 people who estimated losses at 20 million yen or more each. The largest individual loss came to 600 million yen.