Case Page

 

Case Status:    ONGOING    
On or around 04/04/2018 (Ongoing date of last review)

Filing Date: December 26, 2017

According to the law firm press release, 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.

On April 4, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Iron & Steel
Headquarters: Japan

SECURITIES INFORMATION:

Ticker Symbol: KBSTY
Company Market: OTC-BB
Market Status: OTC

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 17-CV-10085
JUDGE: Hon. Vernon S. Broderick
DATE FILED: 12/26/2017
CLASS PERIOD START: 05/29/2013
CLASS PERIOD END: 10/12/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. U.S. Market Advisors Law Group PLLC
    5335 Wisconsin Ave. NW, Ste. 440, U.S. Market Advisors Law Group PLLC, DC
    202.274.0237 202.274.0237 ·
  2. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
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