Law Offices of Howard G. Smith announces an investigation on behalf of Mitsubishi Electric Corporation (“Mitsubishi” or the “Company”) (OTC: MIELY, MIELF) investors concerning the Company’s possible violations of federal securities laws.
On June 30, 2021, The Asahi Shimbun, a Japanese newspaper, 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.
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 over 5% over the next three days to close at $26.15 per ADS on July 8, 2021.
If you purchased Mitsubishi ADSs, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210709005409/en/
INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of Mitsubishi Electric Corporation (MIELY, MIELF) on Behalf of Investors
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
