NEW YORK, July 18, 2021 / PRNewswire / – Pomerantz LLP is investigating investor claims on behalf of Mitsubishi Electric Corporation (“Mitsubishi” or the “Company”) (OTCMKTS: MIELY). These investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation is to determine whether Mitsubishi and any of its officers and / or directors have engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
At June 30, 2021, the Japanese newspaper The Asahi Shimbun published an article titled “Mitsubishi Electric Falsified Likely Train Test Data for Decades” which reported the company “admitted[ed] that he falsified test data while supplying rail companies with air conditioning equipment apparently for over 30 years.[a]Although no such test was performed, false data was created and included in the test reports to make it appear that there was no problem with the equipment. “
Following this news, Mitsubishi’s US Depository Shares (“ADS”) fell. $ 1.54 by ADS, i.e. 5%, to close at $ 27.30 by ADS on 1st of July, 2021.
Then on July 2, 2021, Nikkei Asia published an article titled “Sugiyama, CEO of Mitsubishi Electric, Drops Fake Inspections: Outgoing Chief Admits Systemic Wrongdoing Goes Back Decades Within Industry Group.”[.]”
On this news, Mitsubishi’s ADS fell more than 5% over the next three days, closing at $ 26.15 by ADS on July 8, 2021.
The Pomerantz firm, with offices in new York, Chicago, Los Angeles, and Paris is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class actions bar, the Pomerantz law firm was a pioneer in the field of class actions in securities. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com.
Robert S. Willoughby
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SOURCE Pomerantz LLP