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Toshiba is being sued by its shareholders for over $160 million - PC Retail

Toshiba is being sued by its shareholders for over $160 million

Lawsuit a result of last year’s multi-billion dollar accounting scandal
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Toshiba has confirmed that 45 anonymous shareholders are suing the company for $162.3 million. 

Shareholders are suing the company in response to the multi-billion Yen accounting scandal, which was uncovered last year. 

In response to the news, Toshiba issued this statement: “The company will handle the matter appropriately after taking into account the plaintiffs’ assertions in the action. In relation to the action, the company intends to record a provision for a reasonably estimable amount, which has not yet been determined. 

“Since the plaintiff informed the company of the possibility of the action during the first half of 2016, the impact of this has been incorporated into the consolidated forecast for 2016.”

Toshiba claimed accounting mistakes occurred, because its employees would not confront their managers about inconsistencies, Reuters claims

Multiple lawsuits have been filed against the company in the wake of last year’s scandal. A group of 15 other individuals are also seeking compensation, including 12 cases that were filed in August of this year.

Across all of the lawsuits against it, Toshiba is being sued for billions in Yen. 

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