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KOBE STEEL, LTD. Girard Gibbs Investigates Potential Securities Law Violations

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10/12/2017 | 12:11am CEST

Girard Gibbs LLP is investigating potential claims on behalf of investors of Kobe Steel, Ltd. (Other OTC: KBSTY) involving possible securities law violations.

To speak privately with an attorney regarding this class action lawsuit investigation, click here.

On October 8, 2017, Kobe Steel issued a press release titled “Improper conduct concerning a portion of the aluminum and copper products manufactured by Kobe Steel,” announcing that employees at four of its factories had altered inspection certificates on aluminum and copper products between September 2016 and August of this year, making it appear as though the products met manufacturing specifications required by customers, such as tensile strength, when the products did not.

According to the company, “[t]his incident of improper conduct came to light following self-inspections and emergency quality audits of the compliance status of contracts executed as to products shipped over the past year.” It also reported that causing the serious matter “has brought overwhelming shame to the Company.”

On this news, Kobe Steel’s stock dropped nearly 8% on October 9, 2017, and plunged nearly another 25% on October 10, causing investors hundreds of millions in losses.

If you purchased or acquired shares of Kobe Steel and would like to speak privately with a securities attorney to learn more about the investigation and your legal rights, visit our website or contact the securities team directly at (800) 254-9493.

Girard Gibbs LLP is one of the nation’s leading firms representing individual and institutional investors in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and has earned Tier-1 rankings and been named in the U.S. Lawyers – Best Law Firms list for five consecutive years.

This press release may constitute Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

© Business Wire 2017
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