Toshiba Corp. (TOSYY) is suing joint venture partner Western Digital Corp. (WDC) - Get Report 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%.
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