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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of March 27, 2019 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
November 27, 2018 - The court preliminarily approved the settlement.
September 21, 2018 - A stipulation of settlement was filed by the parties.
August 10, 2018 - An agreement in principle to settle the case was reached by the parties.
December 26, 2017 - An investor in shares of Kobe Steel, Ltd. (ADR) (OTCMKTS:KBSTY) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Kobe Steel, Ltd. in connection with certain allegedly false and misleading statements made between May 29, 2013 and October 12, 2017.
According to the complaint the plaintiff alleges on behalf of purchasers of Kobe Steel, Ltd. (ADR) (OTCMKTS:KBSTY) common shares between May 29, 2013 and October 12, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 29, 2013 and October 12, 2017, the Kobe Steel repeatedly misrepresented the quality of its products and the integrity of its operations 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.” The plaintiff claims that the Defendants’ statements pertaining to Kobe Steel’s products and performance of its operations were materially false and misleading because the company had intentionally falsified data on many of its aluminum, copper, iron and steel products, and knowingly sold products that failed quality control tests.
On October 8, 2017, Kobe Steel stated that it “has discovered 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.”