Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Kobe Steel (OTC:KBSTY) in connection to alleged violations of securities laws by KBSTY. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Kobe Steel from March 20, 2015 until February 3, 2016.
The class action complaint specifically alleges that during the period in question, KBSTY might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: that the company on several occasions offered statements about its products and services, such as that the company offered “excellent products and services” and had a culture “highly sensitive to compliance issues,” which constituted material misrepresentations, in that the company willfully falsified information regarding certain of its copper, iron, steel and aluminum products, and additionally made sales of products that had not passed quality control trials. When the company acknowledged, in the week beginning October 13, 2017, that it had fabricated inspection certificates for many of these products, and further that it had failed to adhere to certain customer standards, its ADRs fell about 40%, or $2.37.
According to the company’s website, Kobe Steel is “one of Japan’s leading steelmakers, as well as a major supplier of aluminum and copper products.” Its segments include machinery, construction machinery, wholesale power supply, real estate, and electronic materials. It operates several “consolidated and equity-valued companies” in Japan, Asia, Europe and the Americas. It was founded in September on September 1, 1905, was incorporated on June 28, 1911, and trades over-the-counter under the symbol KBSTY.
A class action lawsuit has already been filed in connection with Kobe Steel. If you wish to serve as lead plaintiff in the KBSTY lawsuit, you must move the Court no later than February 16, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.