Kobe Steel, Ltd. (OTCMKTS: KBSTY, KBSTF)
A class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of persons and entities that acquired Kobe Steel, Ltd. (KBSTY) (KBSTF) and certain of its officers, in the United States District Court for the Southern District of New York on behalf of all persons who purchased or acquired American Depositary Receipts (“ADRs”) of Kobe Steel during the period May 29, 2013 through October 12, 2017, inclusive (“Class Period”).
During the Class Period, Kobe Steel repeatedly misrepresented the quality of its products and the integrity of its operations by emphasizing that it offers “excellent products and services” with “special attention to product safety” as it has “an organizational culture that is highly sensitive to compliance issues.”
Defendants’ statements pertaining to Kobe Steel’s products and performance of its operations were materially false and misleading because the company had intentionally falsified data on many of its aluminum, copper, iron and steel products, and knowingly sold products that failed quality control tests.
During the week of October 13, 2017, Kobe Steel admitted to falsifying inspection certificates on its core products in its aluminum and copper and iron and steel segments and not complying with customer standards. As a result, Kobe Steel ADRs cumulatively declined $2.37 or approximately 40% during that week.
If you are a current shareholder and purchased stock between May 29, 2013 through October 12, 2017, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
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