Elpida Filing Follows Failure to Chase Smartphone Money
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Elpida Memory Inc. tumbled the most in more than seven years in Tokyo trading after a failure to embrace the global consumer shift from computers to smartphones and tablets pushed the chipmaker into filing for bankruptcy.
The last Japanese maker of computer-memory chips, which lost money for five straight quarters, sought protection at the Tokyo District Court yesterday with liabilities of 448 billion yen ($5.5 billion), according to a filing with Japan’s finance ministry. Elpida fell by its daily-limit 80 yen, or 24 percent, to 254 yen at the close of trading today. The shares will be delisted from the Tokyo Stock Exchange on March 28.