Nissan Motor Co. (OTC BB: NSANY)
Hagens Berman Sobol Shapiro LLP reminds investors in Nissan Motor Co. (OTC BB: NSANY) of the February 8, 2019 Lead Plaintiff deadline in the securities fraud lawsuit pending in the United States District Court for the Middle District of Tennessee
If you purchased or otherwise acquired shares of NSANY between December 10, 2013 and November 16, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing NSANY@hbsslaw.com.
Nissan and senior management are accused of intentionally understating the Company’s expenses and overstating its profits by concealing millions of dollars in annual compensation Nissan was obligated to pay to its former Chief Executive Officer and Chairman (Carlos Ghosn).
When, on November 19, 2018, investors learned that Japanese law enforcement arrested Ghosn for making false financial filings in violation of Japanese law the price of Nissan ADRs fell over 5% to close at $16.90.
Then, on December 10, 2018, the Wall Street Journal reported Tokyo prosecutors formally charged Ghosn with conspiracy to underreport tens of millions of dollars of his compensation within Nissan’s regulatory filings.
Reuters reported on December 31, 2018 that the Tokyo District Court said it extended Ghosn’s detention until January 11, 2019 but, more recently, the Tokyo court reportedly rejected Ghosn’s latest request for bail.
Bloomberg reported on January 28, 2019 that the SEC is investigating whether Nissan’s executive-pay disclosures were accurate and whether it had adequate controls to prevent improper payments.
“Foreign companies issuing securities in the U.S. are not exempt from our securities laws,” said Hagens Berman partner Reed Kathrein. “We’re focused on investors’ losses and the extent to which Nissan’s historical financial statements may have been misleading.”
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