SAN DIEGO, CA / ACCESSWIRE / January 16, 2018 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in Kobe Steel, Ltd. (ADR) (OTC PINK: KBSTY) shares.
Investors who purchased shares of Kobe Steel, Ltd. (ADR) (OTC PINK: KBSTY) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On October 8, 2017, Kobe Steel stated that it "has discovered that in its Aluminum & Copper Business, including group companies, a portion of the products traded with customers did not comply with the product specifications which were agreed between the Company and its customers. Data in inspection certificates had been improperly rewritten etc., and the products were shipped as having met the specifications concerned."
On December 26, 2017, a securities class action lawsuit was filed against Kobe Steel, Ltd. over alleged violations of Federal Securities Laws. The plaintiff alleges that the 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."
The plaintiff claims that the 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.
Those who purchased Kobe Steel, Ltd. (ADR) (OTC PINK: KBSTY) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.
