Cases
Nissan Motor Co., Ltd. (NSANY)
Securities Class Action
Overview
Overview
- Date:
- 12/11/2018
- Company Name:
- Nissan Motor Co., Ltd.
- Stock Symbol:
- NSANY
- Class Period:
- FROM 12/10/2013 TO 11/16/2018
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Middle District of Tennessee
NEW YORK, December 11, 2018 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of Tennessee on behalf of all persons or entities who purchased or otherwise acquired Nissan Motor Co., Ltd. (Other OTC: NSANY) securities between December 10, 2013 and November 16, 2018 (the “Class Period”). Investors have until February 8, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that throughout the class period defendants made false and misleading statements and failed to disclose adverse information regarding Nissan’s business and financial condition. Specifically, Nissan has been materially understating its expenses – and overstating profits – by concealing half of the annual executive compensation it was obligated to pay its former Chief Executive Officer and Chairman of its Board of Directors, defendant Carlos Ghosn, in order to avoid shareholder scrutiny of Ghosn’s inordinately high executive compensation. Over the past decade, Nissan reported paying defendant Ghosn ¥1 billion per year in compensation. In truth, Nissan paid defendant Ghosn an additional ¥1 billion per year in the form of deferred compensation I.O.U.s, but failed to disclose these payments in the company’s publicly filed financial reports. As a result, Nissan underreported defendant Ghosn’s true pay over the decade by an estimated ¥10 billion. The company also concealed from investors the significant defects in its corporate governance and internal controls that facilitated this false financial reporting, and affirmatively failed to heed the express direction of its outside auditors dating back to at least 2013 to accurately report its executive compensation. Not only did the underreporting deceive Nissan’s investors, it violated the pay cap Nissan shareholders approved.
If you purchased Nissan American Depositary Shares during the Class Period or continue to hold shares purchased before 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, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint alleges that throughout the class period defendants made false and misleading statements and failed to disclose adverse information regarding Nissan’s business and financial condition. Specifically, Nissan has been materially understating its expenses – and overstating profits – by concealing half of the annual executive compensation it was obligated to pay its former Chief Executive Officer and Chairman of its Board of Directors, defendant Carlos Ghosn, in order to avoid shareholder scrutiny of Ghosn’s inordinately high executive compensation. Over the past decade, Nissan reported paying defendant Ghosn ¥1 billion per year in compensation. In truth, Nissan paid defendant Ghosn an additional ¥1 billion per year in the form of deferred compensation I.O.U.s, but failed to disclose these payments in the company’s publicly filed financial reports. As a result, Nissan underreported defendant Ghosn’s true pay over the decade by an estimated ¥10 billion. The company also concealed from investors the significant defects in its corporate governance and internal controls that facilitated this false financial reporting, and affirmatively failed to heed the express direction of its outside auditors dating back to at least 2013 to accurately report its executive compensation. Not only did the underreporting deceive Nissan’s investors, it violated the pay cap Nissan shareholders approved.
If you purchased Nissan American Depositary Shares during the Class Period or continue to hold shares purchased before 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, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.