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Ex-wife Takes Website To Court Over Stake Claim
By Cathy Ding |
November 17, 2010, Wednesday
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Print Edition
Print Edition
THE former wife of Tudou founder and CEO, Gary Wang, recently filed a lawsuit with Shanghai Xuhui District People's Court to claim her right to a stake in the firm, which may pose a potential risk to the website's IPO on NASDAQ.
China Business News cited people close to the matter as saying that the case mainly involves the handling of assets after the divorce was granted.
Wang holds 13.4 percent of Tudou's stake, the company's filing to the Securities and Exchange Commission showed.
Media reports said the marriage between Yang Lei and Wang lasted about 10 months and ended around the middle of 2008.
Wang founded Tudou.com in 2005. The website made a net loss of 95.9 million yuan (US$14.5 million) in 2007 and 213 million yuan in 2008.
Tudou officials refused to comment on the issue.
China Business News cited people close to the matter as saying that the case mainly involves the handling of assets after the divorce was granted.
Wang holds 13.4 percent of Tudou's stake, the company's filing to the Securities and Exchange Commission showed.
Media reports said the marriage between Yang Lei and Wang lasted about 10 months and ended around the middle of 2008.
Wang founded Tudou.com in 2005. The website made a net loss of 95.9 million yuan (US$14.5 million) in 2007 and 213 million yuan in 2008.
Tudou officials refused to comment on the issue.
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