NEW YORK, April 12, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Marubeni Corporation ("Marubeni" or the "Company") (OTCMKTS: MARUY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Marubeni and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In November 2019, Marubeni reported a loss of 3.9 billion yen ($35.85 million) related to inappropriate recognition of loss from its U.S. agribusiness Gavilon's trade in Italy and Spain in the last business year. Then, on March 16, 2020, Reuters published an article entitled "Exclusive: Flying blind – Marubeni's Gavilon ignored Brazilian red flags." The Reuters article reported, among other issues, that "Brazilian risk controllers at Gavilon do Brasil raised red flags as early as June 2016 about lax accounting that ultimately let the company book inaccurate estimates for freight costs, boosting its profits and masking losses"; "an Ernst & Young audit flagged to Gavilon do Brasil managers that its processes left room for fraud"; and that "it was only in 2019 when Gavilon adopted a new accounting methodology that major discrepancies were revealed between actual shipping costs and the freight costs recorded in Gavilon's books, leading to an internal investigation."
On this news, Marubeni's share price fell $2.00, or 3.96%, to close at $40.56 on March 16, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP