BOSTON, Dec. 27, 2017 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that a class action has been filed against Kobe Steel, Ltd. ("Kobe" or the "Company") (OTC: KBSTY) and certain of its officers and directors, alleging violations of the federal securities laws.
In October of 2017, Kobe issued several statements admitting that it had "improperly rewritten" the data inspection certificates for thousands of tons of its copper and aluminum shipped to its customers, which include Toyota Motor Corp. and Honda Motor Co., among others. On this news, the Company's stock plunged, causing hundreds of millions in losses to investors.
The complaint, filed in the United States District Court for the Southern District of New York (Aude v. Kobe Steel, Ltd, et al., 17-cv-10085), alleges that between May 29, 2013 and October 12, 2017, inclusive (the "Class Period"), the defendants repeatedly misrepresented the quality of the Company's products, knowing that Kobe had falsified data on many of its copper, aluminum, iron, and steel products, misrepresenting that such products had passed quality control tests.
If you purchased Kobe American Depository Receipts during the Class Period and wish to serve as a lead plaintiff, you must move the Court no later than February 26, 2018. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you wish to become involved in the litigation or have questions about your legal rights, you are encouraged to contact attorney Bradley Vettraino at (617) 398-5600, by email at firstname.lastname@example.org, or by visiting www.blockesq.com/kobe.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
The court in which the case is pending is located at 500 Pearl Street, New York, NY 10007.
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Block & Leviton LLP
Bradley J. Vettraino
155 Federal Street, Suite 400
Boston, MA 02110
SOURCE Block & Leviton LLP