U.S. Market Advisors Law Group PLLC announces that it has completed an initial investigation on behalf of investors of Kobe Steel, Ltd. (OTC: KBSTY; KBSTF). As a result of its findings, the firm has prepared, but not yet filed, a proposed class action complaint to recover losses suffered by Kobe Steel investors. The proposed complaint and other relevant information may be found on the firm’s Kobe Steel webpage: http://usmarketlaw.com/kobesteel. You may also contact attorney David P. Abel for more information: 202-274-0237 or dabel@usmarketlaw.com.
Investigation Findings
USMA Law Group’s preliminary investigation concerned whether Kobe Steel and certain of its officers and directors violated federal securities laws. The firm focused on Kobe Steel’s repeated statements about the quality of its products and integrity of its operations. The firm’s investigation (and Kobe Steel’s own admissions) provide reason to believe that the company’s statements pertaining to the specifications of its products and effectiveness of its operations were materially false and misleading.
Kobe Steel allegedly failed to disclose that: (1) the company falsified data on many of its aluminum, copper and steel products; (2) the company sold products that failed quality control tests; (3) the company’s compliance initiatives, corporate governance and risk management activities were ineffective and inadequate at preventing product data manipulation; and (4) the company’s internal reporting systems failed to foster employee participation and adequately address employee concerns.
On October 8, 2017, these revelations began to emerge, when Kobe Steel issued a press release disclosing that the company’s products did not comply with customer standards and certificates had been falsified. As a result of this news, and subsequent revelations, the price of Kobe Steel securities declined more than 40% per share, damaging investors.
Investors who purchased shares of Kobe Steel in the United States and suffered losses are encouraged to contact the firm for more information about the proposed lawsuit and their ability to participate: http://usmarketlaw.com/kobesteel.
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.
Attorney Advertising
View source version on businesswire.com: http://www.businesswire.com/news/home/20171204005082/en/
Contacts:
David P. Abel | Licensed in DC,
SC
202-274-0237 | dabel@usmarketlaw.com
