NEW YORK, NY / ACCESSWIRE / January 16, 2018 / Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Kobe Steel, Ltd. (OTC PINK: KBSTY) from May 29, 2013 through October 12, 2017, inclusive (the "Class Period"). The lawsuit seeks to recover damages for Kobe Steel investors under the federal securities laws. To join the Kobe Steel class action, go to http://pawarlawgroup.com/cases/kobe-steel-ltd/ or call Vik Pawar, Esq. toll-free at 888-589-9804 or email vik@pawarlawgroup.com for information on the class action.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. You may also remain an absent class member and do nothing at this point. You may retain counsel of your choice.
According to the lawsuit, Kobe Steel repeatedly misrepresented the quality of its products and the integrity of its operations during the Class Period 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." Defendants' statements pertaining to Kobe Steel's products and performance of its operations were materially false and misleading because Kobe Steel had intentionally falsified data on many of its aluminum, copper, iron and steel products, and knowingly sold products that failed quality control tests.
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. As a result, Kobe Steel ADRs cumulatively declined $2.37 or approximately 40% during that week.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 26, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://pawarlawgroup.com/cases/kobe-steel-ltd/ or to discuss your rights or
interests regarding this class action, please contact Vik Pawar, Esq. of Pawar Law Group toll-free at 888-589-9804 or via e-mail at vik@pawarlawgroup.com
Pawar Law Group represents investors from around the world.
Contact:
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1210
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938
info@pawarlawgroup.com
SOURCE: Pawar Law Group
