Skip to content
Subscriber Only

HTC Files Complaint in Taiwan Against Citigroup Employee

HTC Corp., the biggest seller of smartphones in the U.S., filed a complaint in Taiwan against a Citigroup Inc. employee after the broker downgraded its recommendation on the company, preceding a 59 percent drop in the handset maker’s shares.

“HTC submitted the case in August against a person at Citigroup Global Markets” in relationship to alleged violations of the Securities and Exchange Act, Huang Mou-hsin, deputy chief prosecutor at the Taipei District Prosecutors Office, said by phone today. He declined to identify the person and said investigations are continuing. Annie Lu, a spokeswoman for Taoyuan, Taiwan-based HTC, declined to comment.