Kobe Steel (KBSTY) Alert: Johnson Fistel Investigates Kobe Steel, Ltd. Following Admission of Falsifying Product Specifications; Investors Suffering Losses Encouraged to Contact the Firm
SAN DIEGO, Oct. 10, 2017 /PRNewswire/ -- Shareholder Rights Law Firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by Kobe Steel, Ltd. (Other OTC: KBSTY) ("Kobe") and certain of its officers. Kobe operates in the materials and machinery businesses in Japan and internationally.
On October 8, 2017, Kobe Steel acknowledged 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." The company said about 4% of shipments between September 2016 and August 2017 were impacted, which was discovered by what it called an "emergency quality audit", but admitted the falsifications might have occurred over a period of ten years.
Following this news, shares of Kobe Steel fell over 10% on October 9, 2017, and then on October 10, 2017, shares fell another 24.5%
If you have information that could assist in this investigation, including past employees and others, or if you are a Kobe shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]
SOURCE Johnson Fistel, LLP
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