This lawsuit is for anyone who acquired securities in Kobe Steel, Ltd. (OTC: KBSTY) from May 29, 2013 through October 12, 2017.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company failed to timely disclose that it was knowingly breaching contracts with its customers by delivering to those customers goods that the Company knew to not be up to the customers' contractual standards.
On October 8, 2017, Kobe Steel issued a press release acknowledging “improper conduct” affecting its Aluminum & Copper Business. Kobe Steel recognized that “a portion of the products traded with customers did not comply with the product specifications which were agreed between the Company and its customers.” The Company also stated it has been conducting an investigation into the improper conduct and whether said conduct exists in other business units. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, during the week of October 13, 2017, Kobe Steel admitted to falsifying inspection certificates on its core products in its aluminum, copper, iron, and steel segments, and not complying with customer standards.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Kobe Steel, Ltd. (OTC: KBSTY) from May 29, 2013 through October 12, 2017 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.