Kobe Steel, Ltd. Under Investigation for a Potential Collective Shareholder Action Organized by ISAF
12 October 2017 - 7:00PM
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).
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ISAFAdam Foulke, +1
203-252-3378afoullke@isafmanagement.comhttp://isafmanagement.com