NEW YORK, July 28, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Mitsubishi Electric Corporation («Mitsubishi» or the «Company») (OTCMKTS: MIELY). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Mitsubishi and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 30, 2021, the Japanese newspaper The Asahi Shimbun published an article entitled «Mitsubishi Electric faked train test data likely for decades» which reported that the Company «admitt[ed] that it has faked testing data when supplying train companies with air conditioning equipment apparently for more than 30 years.» The article further reported that «[a]lthough no such tests were conducted, fake data was created and included in test reports to give the appearance there were no problems with the equipment.»
On this news, Mitsubishi’s American Depositary Shares («ADSs») fell $1.54 per ADS, or 5%, to close at $27.30 per ADS on July 1, 2021.
Then, on July 2, 2021, Nikkei Asia published an article entitled «Mitsubishi Electric CEO Sugiyama quits over fake inspections: Outgoing chief admits ‘systemic wrongdoing’ going back decades at industrial group[.]»
On this news, Mitsubishi’s ADSs fell more than 5% over the next three days, closing at $26.15 per ADS on July 8, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
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SOURCE Pomerantz LLP