Kobe Steel, Ltd. Under Investigation for a Potential Collective Shareholder Action Organized by ISAF

13-Oct-2017 Intellasia | BusinessWire | 1:00 AM Print This Post

STAMFORD, Conn.–(BUSINESS WIRE)–International Securities Associations and Foundations Management Company
(ISAF), a global leader in shareholder foundations and litigation
funding for collective actions, announces that it is investigating
claims on behalf of investors of Kobe Steel, Ltd. Such an action would
be filed as an “opt-in” collective action in a civil court of Japan.
Investors with interest in the matter are encouraged to contact ISAF.

Kobe Steel is a Japanese manufacturer with worldwide operations under
the brand Kobelco. ISAF’s investigation concerns whether Kobe Steel and
certain of its executives have violated securities laws or engaged in
other unlawful business practices. A collective action would seek to
hold wrongdoers responsible and secure a recovery for damaged investors.

On October 8, 2017, Kobe Steel acknowledged falsifying data about the
quality of its aluminum, copper and steel it sold. The company disclosed
that, “in its Aluminum & Copper Business, including group companies, a
portion of the products traded with customers did not comply with the
product specifications which were agreed between the Company and its
customers. Data in inspection certificates had been improperly rewritten
etc., and the products were shipped as having met the specifications
concerned.” As a result, hundreds of companies across the world may have
purchased substandard materials used in the manufacturing of cars,
airplanes and numerous other products.

Following this news, the price of Kobe Steel shares declined by
approximately 40% over the next two trading days.

 

Relevant Company Information

(subject to revision)

Company:

Kobe Steel Ltd.

Ticker:

TYE: 5406

ISIN:

JP3289800009

SEDOL:

6496023

CUSIP/CINS:

J34555250

Venue:

Tokyo Civil Court, Japan

Relevant Time Period:

1-Sept-2007 to 8-Oct-2017

Registration Deadlines:

Pending
 

About ISAF

ISAF is a service company focused on the evaluation and execution of
securities litigation outside of the United States. ISAF provides
management for and funding of collective redress shareholder
associations and foundations where these legal protections exist in
non-U.S. jurisdictions. The ISAF management team is comprised of experts
in capital market and trading financial technology, securities
litigation claims filing, and investment and trade analysis.

For each legal action that ISAF organizes and provides funding, ISAF
hires local law firms, experts and vendors critical to the venture’s
success. ISAF negotiates with all third parties to provide the most
efficient vehicle for investors to pursue these legal claims. ISAF also
finances any court fees, “Loser Pays” insurance, and/or bond
requirements so that damaged investors pursuing claims in ISAF-managed
legal actions may do so with no contingent financial liability to the
individual claimant in the ISAF group. If a particular legal action
results in a successful judgement or settlement, ISAF will process all
claims and distribute recovery funds pro rata to damaged investors who
have joined the ISAF-managed group. ISAF provides these management
services on a “no-cure, no-pay” basis (a “success” or “contingency” fee
agreed between ISAF and the damaged investor when the investor joins the
ISAF-managed legal action).

Contacts

ISAF
Adam Foulke, +1 203-252-3378
[email protected]
http://isafmanagement.com

 


Category: BusinessWire, PRAsia

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