Wolf Popper Appointed Lead Counsel in Case Against Kobe Steel, Ltd.
On April 4, 2018, the United States District Court for the Southern District of New York appointed an individual investor as Lead Plaintiff in the securities class action titled Aude v. Kobe Steel, Ltd., Case No. 17-cv- 10085-VSB (S.D.N.Y.). A copy of the Court’s order can be found here. The Court also approved Mr. Aude’s selection of Wolf Popper LLP as Lead Counsel. The action alleges that Kobe Steel and certain of its current and/or former executives violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, during the period May 29 2013 through October 12, 2017, by issuing a series of false and misleading statements concerning its compliance with corporate laws and rules, its maintenance of a culture of high ethical standards and corporate governance, and commitment to a strong corporate code of ethics including operating its business fairly and honestly, and its special attention to product safety.
If you are a shareholder who purchased Kobe Steel ADRs or otherwise have information concerning Kobe Steel relevant to the lawsuit, you are urged to contact Lead Counsel.
Wolf Popper LLP Files Class Action Lawsuit Against Kobe Steel, Ltd.
NEW YORK, December 26, 2017
Wolf Popper LLP has filed a class action lawsuit against Kobe Steel, Ltd. (OTC: KBSTY; KBSTF) and certain of its officers, in the United States District Court for the Southern District of New York (17-cv-10085), on behalf of all persons who purchased or acquired American Depositary Receipts (“ADRs”) of Kobe Steel on the open market in the U.S., during the period May 29, 2013 through October 12, 2017, and were damaged thereby. This action alleges claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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. Investors who purchased Kobe Steel ADRs during the Class Period and suffered losses are urged to contact Wolf Popper to discuss their rights.
Kobe Steel is one of Japan’s largest steel manufacturers and a major supplier of aluminum and copper products.
During the Class Period, 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.
During the week of October 13, 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 cumulatively declined $2.37 or approximately 40% during that week.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. The firm’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com.
Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.
For more information, please contact: