LeEco Sued By Vizio Against Cancellation Of Acquisition Deal

Main Image
  • Like
  • Comment
  • Share

Smartphone brand LeEco has been sued by a TV making company called Vizio, that was supposed to be acquired by the former for a sum of $2 billion.

Vizio has filed two separate lawsuits against the Chinese conglomerate in the US states of Los Angeles and California demanding amounts of $60 million and $50 million, respectively, for the damages caused to them.

Also Read: Reliance JioFiber Preview Offer Will Be Available In These Cities

The cases were registered against the cancellation of the deal involving the company’s acquisition of Vizio. The lawsuit alleges LeEco’s true aim was to create “a false impression of its financial health, as well as gain access to its corporate customers, decision makers and confidential customer information that had been developed by Vizio.”

“We don’t have anything to share at the moment,” a LeEco spokesman said when asked about the lawsuit.

However, in response to the deal, LeEco in April had cited regulatory headwinds for scrapping the deal, but Vizio said in the suit that LeEco had already begun to collapse due to their severe cash flow and financial problems.

Also Read: Xiaomi Redmi Note 5A On The Cards? Leaked Packaging Photo Says So

The lawsuit of tens of millions of dollars plus an unpaid portion of its merger termination fee will help Vizio to recover from the damages caused by the unfulfilled deal.

While for LeEco it means a sizeable addition to its already overflowing kitty of problems. It would be interesting to see what the outcome of this battle eventually turns out to be.

Ashish KumarAshish Kumar
He is Journalism graduate, sports lover, and a passionate reader. Just like others his eyes is also filled with dreams and believes that one day those dreams will come true. Cheers!

Related Articles

ImageExclusive: Samsung Galaxy Z Fold 6 Full Specs Revealed Weeks Before Paris Unpacked

Next month, Samsung is set to host its second Unpacked event of the year, this time in Paris, France. At this upcoming event, Samsung will make several big announcements. While the Galaxy Ring will be the showstopper, we are all waiting for details regarding the Galaxy Z Fold6. Earlier this year, we shared the very …

ImageApple TV app is now available on Amazon Fire TV Stick

Update: Amazon has officially announced the availability of the Apple TV app on Fire TV Stick and Fire TV Stick 4K. The Apple TV is also available on Roku and Samsung Smart TVs. Earlier this year, Apple revamped its existing TV platform with an updated host of shows and movies from cable TV and streaming …

ImageApple introduces Apple Card, News Plus, Arcade Gaming Service, Apple TV Plus

Apple just unveiled a slew of services on its 2019 special event held at Steve Jobs Center, Cupertino. Apple had invited the press and other guests for this event touted as showtime. And the eventful stage showcased the reveal of Apple Card, Apple News Plus, Apple Arcade, Apple TV Plus, and more programmes to the Apple TV …

ImageOnePlus Watch 2 up for grabs for free on purchase of OnePlus Open foldable: Here’s how the deal works

Tech giant OnePlus is hosting its Community Sale 2024 currently. During the sale, OnePlus is offering discounts on products like the OnePlus 12, OnePlus 12R, OnePlus Nord CE 4, OnePlus audio products, OnePlus Pads, and more. Other than discounts, various deals and cashbacks are also available. One of the most exciting offers includes the promotion …

ImageVijay Sales Announces Apple Days Sale: Grab The Best Deals On iPhone 15 Series, Apple Watch Series 9, And Other Products

One of the leading retailers in the country, Vijay Sales, is back with its Apple Days Sale. This time, the sale kicks off on June 8 (Saturday) and will run through June 17 (Monday). During the Vijay Sales Apple Days Sale, interested customers can avail of exciting deals and discounts on their favorite Apple products. …

Discuss

Be the first to leave a comment.