RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Kobe Steel, Ltd. (OTC: KBSTY) (“Kobe Steel” or the “Company”) American Depositary Receipts (“ADRs”) between May 29, 2013 and October 12, 2017, inclusive (the “Class Period”).
Kobe Steel shareholders may, no later than February 26, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Kobe Steel and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
The complaint alleges that Defendants made false and/or misleading statements and failed to disclose the quality of its products and 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.” The lawsuit claims that the Company withheld data on many of its aluminum, copper, iron and steel products, and knowingly sold products that failed quality control tests.
On October 8, 2017, Kobe Steel stated that it “has discovered that in its Aluminum & Copper Business, including group companies, a portion of the products traded with customers did not comply with the product specifications which were agreed between the Company and its customers. Data in inspection certificates had been improperly rewritten etc., and the products were shipped as having met the specifications concerned.”
Following this news, shares of Kobe ADRs dropped $2.37 per share or roughly 40% during that week.
If you are a member of the class, you may, no later than February 26, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.