SAN FRANCISCO, Jan. 03, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Kobe Steel Ltd. (OTHER OTC:KBSTY) to the pending securities class action filed in the United States District Court for the Southern District of New York and to the February 26, 2018 Lead Plaintiff deadline. If you purchased or otherwise acquired securities of Kobe Steel between May 29, 2013 and October 12, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, visit:
https://www.hbsslaw.com/cases/KBSTY
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
KBSTY@hbsslaw.com.
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 falsified data on the strength and durability of copper and aluminum shipments to customers for as much as a decade.
According to TheStreet, Kobe admitted “[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.
This news drove the price of Kobe securities 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.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 70+ attorneys in 11 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
