of its stock price in four months and strong evidence of securities fraud, Livedoor was delisted from the Tokyo Stock Exchange on April 14, 2006. Fuji Television sued the company for ¥35 billion in damages in March 2007; 1,000 individual investors filed a class-action suit in May 2006, eventually rising to 3,340 asking for ¥23 billion, which resulted in a final ruling of ¥7.6 billion against Livedoor, and other similar suits resulted at least one judgment of ¥4.9 billion. Livedoor in turn sued its own executives, with founder Horie settling for ¥21 billion and six others settling for a total of ¥760 million. Information obtained during the investigation led to the arrest and conviction of fund manager Yoshiaki Murakami for using inside information to profit off of a stake Livedoor purchased in Nippon Broadcasting System in 2005. Horie published an autobiography during his appeals, Complete Resistance, in which he proclaims his innocence and states that he was being targeted only due to his infamy, not the actual nature or severity of any crimes. The veracity of the suspicions aside, many smelled conspiracy given the timing of the action. It was seen as a political move by defenders of the status quo to punish Horie for daring to challenge them, and to discredit him and the business practices he had come to represent, which Horie's opponents considered distasteful and "un-Japanese." In order to prevent a recurrence of the scandal, Japan passed a law similar to Sarbanes–Oxley, nicknamed J-SOX, on June 14, 2006. Livedoor Holdings In 2007, the company spun off to create a new subsidiary that retained the name of "Livedoor" and most of its portal-related businesses and itself became a pure holding company named "Livedoor Holdings" that oversaw the legal and financial management of its subsidiaries (reportedly 44 subsidiaries as of the end of 2005) including the new Livedoor. In 2008, Livedoor Holdings changed its name to "LDH Corporation." Sale During the upheaval in 2006 and 2007 rumors spread that Livedoor was preparing a $2 billion initial public offering in 2008. Several technology companies expressed interest in participating but the IPO never materialized. Livedoor instead put itself up for sale. In early 2010 South Korea-based NHN Corporation bought Livedoor for a reported ¥6.3 billion. Products and services bearing the Livedoor name today are owned and operated by Line Corporation, a Japan-based Internet company spun off from NHN Japan in February