TSMC on Tuesday filed a lawsuit against a former senior vice president it accused of leaking “confidential information” to Intel.

Wei-Jen Lo joined Intel after 21 years at TSMC, having left in July, the Taiwanese chip maker said in a statement, announcing the lawsuit.

The lawsuit is based on Lo’s employment contract and non-compete agreement with TSMC, and regulations such as the Trade Secrets Act, the statement said.

“There is a high probability that Lo uses, leaks, discloses, delivers, or transfers TSMC’s trade
secrets and confidential information to Intel,” it said.

TSMC’s share price fell on Tuesday and was last seen over 3% lower.

Intel did not immediately respond to CNBC’s request for comment.

It follows earlier reports by local media and later by Reuters, which stated Lo may have taken TSMC’s technology data to Intel. Taiwan’s High Prosecutors opened an investigation into the allegations.

Intel CEO Lip-Bu Tan told Bloomberg News last week that his “company respects intellectual property rights” and denied any wrongdoing.

The U.S. firm’s stock price moved 1.5% lower in mid-morning trade.