Nissan Motor Co., Ltd. : American Depositary Shares Securities Litigation
On or around 05/09/2022 (Date of last review)
Filing Date: December 10, 2018
Nissan Motor Co., Ltd. ("Nissan" or the Company) is a Japanese multinational automobile. The company sells its vehicles under the Nissan, Infiniti, and Datsun brands.
On December 10, 2018, Plaintiff's law firm issued a press release announcing the lawsuit. According to the press release, the Complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information regarding Nissan’s business and financial condition. Specifically, according to the Complaint, Nissan has been materially understating its expenses and overstating profits by concealing half of the annual executive compensation it was obligated to pay its former Chief Executive Officer (“CEO”) and Chairman of its Board of Directors, in order to avoid shareholder scrutiny of the CEO’s inordinately high executive compensation. The Company also concealed from investors the significant defects in its corporate governance and internal controls and affirmatively failed to heed the express direction of its outside auditors dating back to at least 2013 to accurately report its executive compensation. Not only did the underreporting deceive Nissan’s investors, it violated the pay cap Nissan shareholders approved.
On February 26, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 6. Defendants filed a Motion to Dismiss the amended Complaint on August 5. On December 29, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
The parties entered into a Stipulation of Settlement on April 22, 2022.
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