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chipguy

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chipguy

Re: None

Tuesday, 03/03/2015 9:27:39 AM

Tuesday, March 03, 2015 9:27:39 AM

Post# of 151628
IBM sued for misrepresenting value of its semi biz

http://www.theregister.co.uk/2015/03/03/ibm_sued_for_talking_up_chip_business_it_couldnt_give_away/

A US public pension fund has filed a class-action lawsuit against IBM, claiming the company misrepresented the value of the semiconductor business it offloaded to GlobalFoundries in October.

The suit filed by the City of Sterling Heights Police & Fire Retirement System in Michigan accuses IBM of having inflated its own share price by valuing its chip manufacturing business at US$2.4bn, when it was actually worth substantially less.

To be precise, it turned out to be worth substantially less than nothing.
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