Hagens Berman Reminds Kobe Steel Investors Of Management鈥橲 Admission Of False Data

Hagens Berman Reminds Kobe Steel Investors Of Management鈥橲 Admission Of False Data

Hagens Berman Sobol Shapiro LLP reminds Kobe Steel Ltd investors of that securities class action concerning management鈥檚 admission that Kobe supplied false data to customers for years. The Lead Plaintiff deadline in the pending securities class action is February 26, 2018.

On October 10, 2017, TheStreet reported in an article entitled 鈥淜obe Steel Shares Are Getting Torn to Shreds After New Scandal Emerges鈥 that the group revealed it falsified data on the strength and durability of copper and aluminum shipments to customers for as much as a decade.

According to TheStreet, Kobe explained 鈥淸a] portion of the products traded with customers did not comply with the product specifications which were agreed between the Company and its customers鈥 and 鈥淸d]ata in inspection certificates had been improperly rewritten etc., and the products were shipped as having met the specifications concerned.鈥 Kobe reportedly stated the falsifications may have occurred over a period of ten years.

In response, the price of Kobe securities traded down USD 1.30 to close at USD 4.00 on October 10, 2017 a loss of over 24%.

Hagens Berman partner Reed Kathrein said that 鈥淲e鈥檙e focused on the matters leading up to Kobe鈥檚 emergency quality audit findings, its belated disclosures and the damages inflicted on Kobe investors.鈥

Whistleblowers: Persons with non-public information regarding Kobe Steel should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.

Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 70+ attorneys in 11 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation.