Breaking News

Viltrox launches AF 56mm Ultra-large aperture F1.2 Pro E and XF (APS-C) lenses Panasonic introduces AK-UBX100 4K multi-purpose camera Sony’s 360 Virtual Mixing Environment now available in Europe ASRock Releases AM5 Motherboard BIOS Update EnGenius Brings Wi-Fi 7 to Small Businesses with Affordable ECW510 Access Point

logo

  • Share Us
    • Facebook
    • Twitter
  • Home
  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map

Search form

Vizio Files Fraud Lawsuit Against China's LeEco Following Merger Failure

Vizio Files Fraud Lawsuit Against China's LeEco Following Merger Failure

Consumer Electronics Jul 12,2017 0

TV manufacturer Vizio alleges LeEco concocted a "secret plan" to create a false impression it was financially healthy and to steal information about customers.

Vizio is suing China's LeEco after a merger between the two companies was called off in April. The complaint, alleging fraud and breaches of agreement, comes days after a Shanghai court froze $182 million in assets controlled by LeEco chairman Jia Yueting over unpaid debts.

In a complaint filed in California federal court, Vizio alleges that when it entered into merger negotiations in December 2015, culminating in a deal in July 2016, the Chinese company's "far-flung corporate empire had begun to collapse due to their severe cash flow and financial problems, and that [LeEco] desperately needed to either obtain the instant financial stability, credibility and resources that a merger with VIZIO would bring, or at least to create a widespread and dramatic public impression of their own financial health and well-being to grow or continue in business that would come with the announcement of such an intended merger."

The Chinese company is also being accused of concocting a "secret plan" to leverage the merger "to gain or try to obtain access to VIZIO's large corporate customers and key decision makers thereat for their own purposes and by means of the confidential customer information that had been developed by VIZIO at substantial cost, time, and expense."

What's more, given the privacy sensitivities highlighted here, Vizio claims being induced into giving up access to "confidential customer information, including contact information, account history, purchasing needs or requirements, contract terms, and the like."

Vizio is now looking for the full $100 million and also demands punitive damages.

Tags: VIZIOLeEco
Previous Post
New Dell Latitude 2-in-1s Arrive With Wireless Charging Features
Next Post
Samsung Galaxy A7 Smartphone Released

Related Posts

  • Sharp Files Patent Infringement Lawsuit Against Vizio

  • CES: VIZIO Unveils 2020 SmartCast TV and Sound Bar Lineups

  • NBCU, Turner, CBS, Disney Form Consortium to Drive Target Ads through Smart TVs

  • VIZIO Announces New Sound Bar and Subwoofer Designs, 2019 TV Collection at CES

  • VIZIO's New 2018 Home Theater Sound Systems With Dolby Atmos is Starting at $499.99

  • Foxconn to Further Expand in the U.S. Market Though Vizio

  • VIZIO Launches Its 2018 TV and Sound Lineup

  • New VIZIO SmartCast M-Series Ultra HD HDR XLED Plus Display Collection Released

Latest News

Viltrox launches AF 56mm Ultra-large aperture F1.2 Pro E and XF (APS-C) lenses
Cameras

Viltrox launches AF 56mm Ultra-large aperture F1.2 Pro E and XF (APS-C) lenses

Panasonic introduces AK-UBX100 4K multi-purpose camera
Enterprise & IT

Panasonic introduces AK-UBX100 4K multi-purpose camera

Sony’s 360 Virtual Mixing Environment now available in Europe
Consumer Electronics

Sony’s 360 Virtual Mixing Environment now available in Europe

ASRock Releases AM5 Motherboard BIOS Update
PC components

ASRock Releases AM5 Motherboard BIOS Update

EnGenius Brings Wi-Fi 7 to Small Businesses with Affordable ECW510 Access Point
Enterprise & IT

EnGenius Brings Wi-Fi 7 to Small Businesses with Affordable ECW510 Access Point

Popular Reviews

be quiet! Dark Mount Keyboard

be quiet! Dark Mount Keyboard

be quiet! Light Loop 360mm

be quiet! Light Loop 360mm

be quiet! Light Mount Keyboard

be quiet! Light Mount Keyboard

Noctua NH-D15 G2

Noctua NH-D15 G2

Terramaster F8-SSD

Terramaster F8-SSD

be quiet! Light Base 600 LX

be quiet! Light Base 600 LX

Soundpeats Pop Clip

Soundpeats Pop Clip

be quiet! Pure Base 501

be quiet! Pure Base 501

Main menu

  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map
  • About
  • Privacy
  • Contact Us
  • Promotional Opportunities @ CdrInfo.com
  • Advertise on out site
  • Submit your News to our site
  • RSS Feed