Kobe Steel Ltd. (OTHER OTC: KBSTY)
If you purchased or otherwise acquired securities of Kobe Steel between May 29, 2013 and October 12 2017 and suffered losses email KBSTY@hbsslaw.com or call 510-725-3000.
On October 10, 2017, TheStreet reported in an article entitled “Kobe Steel Shares Are Getting Torn to Shreds After New Scandal Emerges” 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 “[a] portion of the products traded with customers did not comply with the product specifications which were agreed between the Company and its customers” and “[d]ata in inspection certificates had been improperly rewritten etc., and the products were shipped as having met the specifications concerned.” Kobe reportedly stated the falsifications may have occurred over a period of ten years.
In response, the price of Kobe securities traded down $1.30 to close at $4.00 on October 10, 2017 — a loss of over 24%.
“We’re focused on the matters leading up to Kobe’s emergency quality audit findings, its belated disclosures and the damages inflicted on Kobe investors,” said Hagens Berman partner Reed Kathrein.
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. For more information, call Reed Kathrein at 510-725-3000 or email KBSTY@hbsslaw.com.
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