NEW YORK, NY / ACCESSWIRE / February 15, 2018 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Kobe Steel, Ltd. ("Kobe" or the "Company") (OTC PINK: KBSTY) (OTC PINK: KBSTF) and certain of its officers, on behalf of shareholders who purchased Kobe American Depositary Receipts ("ADRs") of Kobe Steel on the open market in the U.S., during the period May 29, 2013 through October 12, 2017, and were damaged thereby. Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/kbsty.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that Defendants made false and/or misleading statements and failed to disclose the quality of its products and integrity of its operations by emphasizing that it offers "excellent products and services with "special attention to product safety" as it has "an organizational culture that is highly sensitive to compliance issues." The lawsuit claims that the Company withheld data on many of its aluminum, copper, iron, and steel products, and knowingly sold products that failed quality control tests.
On October 8, 2017, Kobe Steel stated 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." Following this news, shares of Kobe
ADRs dropped $2.37 per share or roughly 40% during that week.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: http://www.bgandg.com/kbsty or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Kobe, you have until February 26, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
SOURCE: Bronstein, Gewirtz and Grossman, LLC