HTC Corp., the biggest seller of smartphones in the U.S., filed a complaint in Taiwan against a Citigroup Inc. employee after the broker downgraded its recommendation on the company, preceding a 59 percent drop in the handset maker's shares.
“HTC submitted the case in August against a person at Citigroup Global Markets” in relationship to alleged violations of the Securities and Exchange Act, Huang Mou-hsin, deputy chief prosecutor at the Taipei District Prosecutors Office, said by phone today. He declined to identify the person and said investigations are continuing. Annie Lu, a spokeswoman for Taoyuan, Taiwan-based HTC, declined to comment.
Citigroup, the best-performing broker covering HTC, on July 7 cut the stock to “sell” from “buy,” citing corporate governance concerns over its purchase of S3 Graphics Co., competition from Samsung Electronics Co. and slowing demand….
Read more at http://news.businessweek.com/article.asp?documentKey=1377-aNvTil1bQQuA-6DNJ4557B0JEFJ2BK1ADO35DH2
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