TSMC filed a lawsuit Tuesday against a former senior vice president for leaking “confidential information.” intel.
The Taiwanese chipmaker said in a statement announcing the lawsuit that Wei-jen Lo worked for TSMC for 21 years before leaving the company in July to join Intel.
The lawsuit is based on Mr. Lo’s employment contract and non-compete agreement with TSMC, as well as trade secret laws and other regulations, the statement said.
“It is likely that Mr. Lo will use, divulge, disclose, provide, or transfer TSMC’s transactions.”
“Providing secret and confidential information to Intel.”
TSMC stock fell on Tuesday, ending down more than 3%.
Intel did not immediately respond to CNBC’s request for comment.
This comes after local media reported that Low may have taken TSMC’s technical data to Intel, which was later reported by Reuters. Taiwan’s high prosecutor’s office has launched an investigation into the allegations.
Intel CEO Lip Vu Tan denied any wrongdoing, telling Bloomberg News last week that “we respect intellectual property rights.”
The company’s stock was down 1.5% in mid-morning trading.
