Court Preliminarily Approves Settlement on Behalf of Purchasers of Kobe Steel ADRs and Ordinary Shares Purchased on the Open Market in the U.S.
On November 27, 2018, Judge Vernon S. Broderick of the United States District Court for the Southern District of New York issued an Order preliminarily approving a settlement of claims brought on behalf of a Class of all persons and entities who purchased or otherwise acquired American Depository Receipts (“ADRs”) or ordinary shares of Kobe Steel on the open market in the United States during the period from May 29, 2013 through and including March 5, 2018, and were allegedly damaged thereby. The settlement is for $500,000 in cash, reflecting the number of ADRs and Kobe Steel ordinary shares traded in the U.S. during the class period. Shares traded in Japan or on other non-U.S. markets are not covered by this lawsuit.
To participate in the settlement, Claim Forms must be postmarked on or before March 27, 2019. Class Members who wish to exclude themselves from the settlement or object to all or part of the settlement must do so on or before February 1, 2019. Judge Broderick has scheduled a hearing to consider final approval of the settlement on February 21, 2019 at 11:00 a.m. at the United States District Court for the Southern District of New York, United States Court House, Thurgood Marshall United States Courthouse, 40 Foley Square, Courtroom 518, New York, NY 10007.
Copies of the Preliminary Approval Order, Settlement Notice, Claim Form, and other important documents and information concerning the settlement, filing a claim, objecting or opting out of the settlement, and the final approval hearing can be accessed through the settlement website at www.kobesteelsecuritieslitigation.com.
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.
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