Nope, they’re not out of the woods yet! LeEco is still struggling to stay afloat guys but things are really difficult.
According to recent information, the Chinese advertising agency named Jinyuan Technology has sued them for failing to pay its marketing fees. The company accused LeEco and 4 of its affiliate firms for non-payment of marketing fees of over 60 million Yuan ($8.8 million). The Chinese manufacturer has been sued by MIG Unmbi Technology, the parent company of Jinyuan Technology and the People’s Court of Chaoyang District in Beijing has accepted 3 out of 5 cases that had been filed against LeEco!
It is the Court’s ruling that LeSports, Leshi Holding and Leshi E-commerce initiate prompt payment along with a penalty of 0.05 percent per day interest, while we wait the ruling for the remaining 2 cases!
LeEco has been facing serious financial issues since the 3rd quarter of 2016, when LeEco founder Jia Yueting confirmed that the company is facing financial problems as it tried to expand outside of China