December 13, 2011

HTC files case against Citi Group in Taiwan

Taiwanese manufacturer of smartphones HTC Corp has filed a complaint against Citigroup Inc's Taiwan unit for allegedly violating stock transaction law that led to a sharp decline in the firm's share price.

HTC, which is World's number four Smartphone maker, alleged that the company suffered a big loss in recent weeks competing with Apple's iPhone and Samsung's Galaxy range after the international bank provided wrong information about the Firm.

The shares of HTC have fallen to T$ 403 in December from $39.72 in April. However, the company declined to give details about the case. Citigroup Inc's Taiwan unit also did not comment on the case.

HTC is also facing a heat in the US over a patent case with Apple. It is reported that HTC's smartphones could be banned in the US.

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