WASHINGTON –U.S. Market Advisors Law Group PLLC (USMA Law Group) announces that, after completing its initial investigation of Kobe Steel, Ltd. (Kobe Steel) (OTC: KBSTY), a securities class action has been filed. The litigation is against Kobe Steel and certain of its officers, on behalf of all persons who purchased or acquired Kobe Steel American Depositary Receipts (ADRs) between May 29, 2013 and October 12, 2017. The lawsuit seeks to recover damages against Defendants for alleged violations of federal securities laws.
The class action complaint and other useful investor information is available on the firm’s website. Investors may also directly contact the firm’s attorneys to discuss their legal rights and options. There is no obligation or cost.
Kobe Steel is one of Japan’s largest steel manufacturers and a major supplier of aluminum and copper products.
The complaint alleges that 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.
Beginning the week of October 8, 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 declined approximately 40% during that week.
If you are a member of the Class, you may file a motion no later than February 26, 2018 to be appointed lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Interested investors are encouraged to learn more by visiting the firm’s website.
About USMA Law Group
USMA Law Group is a national law firm based in the District of Columbia. The firm represents investors in antitrust, securities and shareholder litigation. To learn more, visit www.usmarketlaw.com.
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