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Kobe Steel, Ltd. (KBSTY; KBSTF)

(OTC:KBSTY) (OTC:KBSTF)

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Kobe Steel, Ltd. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Kobe Steel, Ltd. (“Kobe” or the “Company”) (OTC:KBSTY) (OTC:KBSTF) of the February 26, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Kobe American Depositary Receipts (“ADRs”) between May 29, 2013 and October 12, 2017 and would like to discuss your legal rights, please fill out the form below.  There is no cost or obligation to you.  You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Kobe ADRs between May 29, 2013 and October 12, 2017 (the “Class Period”).  The case, Aude v. Kobe Steel, Ltd. et al, No. 1:17-cv-10085 was filed on December 26, 2017.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failing to disclose that: (a) Kobe falsified data on many of its aluminum, copper and steel products sold to customers; (b) Kobe sold products that failed quality control tests in violation of laws and regulations; (c) Kobe’s financial performance relied on selling products that did not meet quality standards in violation of laws and regulations; (d) Kobe would incur significant costs and lose customers if customers became aware of the aforementioned; (e) Kobe’s compliance initiatives, corporate governance and risk management activities were ineffective and inadequate; (f) Kobe’s internal reporting systems failed to foster employee participation and adequately address employee concerns; and (g) as a result, Kobe’s statements about its business, operations and prospects were materially false and/or misleading and/or lacked a reasonable basis.

Specifically, between October 8, 2017 and October 13, 2017, the Company 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, the price of Kobe ADRs significantly declined.

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  • Case:
    Kobe Steel, Ltd. (KBSTY; KBSTF)
  •    

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Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 12/26/2017

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