Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) sues former vice president Luo Weiren for allegedly stealing chip technology before joining Intel Corporation.

Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) has filed a lawsuit against its former senior vice president responsible for corporate strategy development, Wei-Jen Lo, who later joined Intel Corporation (INTC.US). The company alleges that the 75-year-old Lo stole proprietary technology data related to advanced semiconductor processes before leaving, violating non-compete clauses and multiple laws including the Trade Secrets Act. According to reports, Intel Corporation CEO Lip-Bu Tan refuted speculations of any wrongdoing in an interview. Last week, Taiwan's Minister of Economic Affairs stated that an investigation is being conducted on Lo. Previous reports indicated that Lo played a crucial role in advancing chip manufacturing technology at Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR and allegedly took company data before joining Intel Corporation in October. At the time of writing, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR's stock price had a slight decrease in pre-market trading on Tuesday, dropping by 0.46% to $283.33.