A group of Toshiba Corp. shareholders sued the embattled company and its former executives Monday, seeking about ¥300 million in damages for the losses incurred after the firm's stock price plunged over illicit accounting practices.
In the first group lawsuit filed against Toshiba, 50 shareholders from 15 prefectures filed for damages with the Tokyo District Court against three former presidents and two chief financial officers.
The plaintiffs, whose claims range from ¥170,000 to more than ¥10 million, say they would not have bought the shares had they known about the fraudulent accounting spanning nearly seven years, according to their complaint.