Cases
Kobe Steel, Ltd. (OTC BB: KBSTY)
Securities Class Action
Overview
Overview
- Date:
- 12/27/2017
- Company Name:
- Kobe Steel, Ltd.
- Stock Symbol:
- KBSTY
- Class Period:
- FROM 5/29/2013 TO 10/12/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, December 27, 2017 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Kobe Steel, Ltd. (OTC BB: KBSTY) securities between May 29, 2013 and October 12, 2017 (the “Class Period”). Investors have until February 26, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Kobe Steel is one of Japan’s largest steel manufacturers and a major supplier of aluminum and copper products.
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 purchased or otherwise acquired Mazor Robotics securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
Kobe Steel is one of Japan’s largest steel manufacturers and a major supplier of aluminum and copper products.
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 purchased or otherwise acquired Mazor Robotics securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.