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Taipei prosecutors reportedly confirmed the arrest of HTC vice president of product design Thomas Chien, research and development director Wu Chien-Hung and senior manager of design and innovation Justin Huang on Friday. Chien and Chien-Hung remain in custody and Huang was reportedly released on bail. The concerned officials belonging to the Taiwan-based smartphone manufacturer are being held responsible for the dropdown in the market share on Monday.
The arrests followed in response to a complaint filed by HTC last month accusing the executives of leaking trade secrets. Online reports said that the executives were planning to use stolen new interface technology to set up a new mobile design company targeting the Chinese vendors. The plan apparently turned out into a massive disaster with the layers of accusation not tops the accused. The executives were also accused of making false commission fee claims, which in total accounted around $334,200 (approx. Rs. 2,20,57,200).
Reportedly, Chien and Chien-Hung could not be reached and Huang was not immediately available to comment and HTC declined to comment on the scenario as well.
According to the reports, HTC shares fell by almost 6.4%, versus a broader market drop for the day of only 0.2%. HTC's market share has fallen to less than 5% from close to 25% only five years ago. Currently the price of stock at HTC is at a low of 8 years and speculations are that it could experience loss in its first quarterly operating.