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Fuji to sue Livedoor

World Brief

Fuji TV intends to sue former Internet powerhouse Livedoor, web prexy Koichi Murakami said Friday.

The web will seek damages for the ¥34.5 billion ($297 million) loss it suffered after its Livedoor shares tanked following revelations of securities fraud by Livedoor execs early this year.

Web will file suit in March, when the court rules on the culpability of Livedoor in misleading investors, including Fuji, by misstating its financial results.

Fuji bought a 12.7% stake in Livedoor, worth $379 million, in 2005 to end a bruising battle over a radio broadcaster Livedoor was trying to wrest from Fuji’s control.

Former Livedoor prexy Takafumi Horie and other execs were taken into custody last January on suspicion of falsifying financial information to inflate 2004 profits and boost stock price.

Once a widely diversified company with ambitions to become a media powerhouse, Livedoor is concentrating on its Web-based activities.

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