Fuji Television, which recently acquired a 12.5% stake in Livedoor. Fuji is now claiming that this purchase was made under false pretenses. Livedoor's shares on the Tokyo stock exchange have fallen 90% since it was revealed that Livedoor execs had been hiding company losses. Five Livedoor execs have been charged with fraud in the ongoing investigation. Fuji, for its part recently sold off its Livedoor holdings and is planning to sue Livedoor for damages amounting to $231 million.

More here. And more on Livedoor's travails here.

-- MDT