LY's (TYO:4689, SGX:1H8) subsidiary, Leyo Holdings, commenced legal proceedings against Synergy and its contractors, according to a Monday filing with the Singapore Exchange.
The legal action is linked to an alleged intellectual property right infringement, with Leyo seeking full repayment of outstanding royalty fees of around 2.9 million ringgit.
Meanwhile, the company and its subsidiary are preparing for the trial, which is expected to take place this year at a later date.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.