LG phillips and Samsung accused of LCD price fixing and Colusion: CEO fired

This is not something I would normally post as it is not really HTPC related, but it could possible affect what we all have been or will be paying for HDTVs. Lg Phillips has posted a press release on their website. Lg Phillips press release LG.Philips LCD Issues Statement 2006/12/11 Seoul, Korea (December 11, 2006) - LG.Philips LCD [NYSE: LPL, KRX: 034220], today made the following statement: “Last Friday, as part of an investigation of possible anticompetitive conduct in the LCD industry, officials from the Korean Fair Trade Commission (KFTC) visited the offices of LG.Philips LCD in Seoul, Korea. In addition, the Japanese Fair Trade Commission (JFTC) issued a notice to our offices in Tokyo, Japan and the United States Department of Justice (DOJ) issued a subpoena to our offices in San Jose, California. LG.Philips LCD takes this matter very seriously and will cooperate fully with regulatory authorities. While these investigations continue, LG.Philips LCD is committed to running its business as usual, supplying its global customer base with the highest quality products.” About LG.Philips LCD LG.Philips LCD Co., Ltd [NYSE: LPL, KRX: 034220] is a leading manufacturer and supplier of thin-film transistor liquid crystal display (TFT-LCD) panels. The Company manufactures TFT-LCD panels in a wide range of sizes and specifications for use in TVs, monitors, notebook PCs, and various applications. LG.Philips LCD currently operates seven fabrication facilities and four back-end assembly facilities in Korea, China and Poland. In addition, LG.Philips LCD has sales and representative offices in ten countries and has approximately 21,000 employees globally. Please visit http://www.lgphilips-lcd.com for more information. Forward-Looking Statement Disclaimer This press release may contain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Additional information as to factors that may cause actual results to differ materially from our forward-looking statements can be found in our filings with the United States Securities and Exchange Commission. Contact: Bang-Soo Lee, VP, Public Affairs & PR LG.Philips LCD Phone: +822-3777-1020 E-mail: bsleeb@lgphilips-lcd.com Sue Kim, Senior Manager, Corporate PR LG.Philips LCD Phone: +822-3777-0970 E-mail: sue.kim@lgphilips-lcd.com A few others have caught wind of the story as well. Check out each link as they all have little different twist. Washington Post EEtimes Wallstreet journal Fox News Amidst all the controversy LG has fired their CEO WSJ LG Electronics Taps New Chief, Other Officials, Amid Setbacks By EVAN RAMSTAD December 19, 2006; Page B9 SEOUL, South Korea -- LG Electronics Inc., struggling to build its television-set and cellphone businesses, named a new chief executive and other senior managers, a move that could accelerate decision making. The South Korean company tapped Yong Nam, 58 years old and most recently the head of an affiliated telecommunications-service operator, as CEO. He succeeds Ssang Su Kim, 61, who has led LG for the past three years. James Jeong, 45 and the head of corporate finance, was named chief financial officer. He succeeds Young Soo Kwon, who was named chief executive of LG.Philips LCD Co., a joint venture with Philips Electronics NV in liquid-crystal displays, the key component in screens for cellphones, computers and most flat-panel TV sets. The personnel changes come as LG copes with slower-than-expected growth in cellphone sales as well as losses at LG Philips LCD. LG is in a close race with Korean rival Samsung Electronics Co. to be the world's leading seller of TV sets by units this year. LG recently cut prices to grab market share, eroding profitability. Though LG's cellphone unit, the world's fourth-largest by revenue and units, became profitable this year with strong sales of its "Chocolate" handset series, its sales growth lagged behind the overall industry. For the first nine months of the year, the company's net profit fell 58%. Mr. Kim and other top executives were divided over strategies at both businesses, resulting in slower decision making, analysts said. None of the executives was available for comment, an LG spokeswoman said.	2006/12/11