MIELY NOTICE: ROSEN, A GLOBAL AND LEADING LAW FIRM, Encourages Mitsubishi Electric Corporation Investors with Losses to Inquire About Class Action Investigation - MIELY, MIELF - Yahoo Finance
WHY: Rosen Law Firm, a global investor rights law firm, continues its investigation of potential securities claims on behalf of shareholders of Mitsubishi Electric Corporation (OTC: MIELY, MIELF) resulting from allegations that Mitsubishi Electric may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Mitsubishi Electric securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2116.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
WHAT IS THIS ABOUT: 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 "Mitsubishi Electric Corp. is feeling the heat after admitting 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 Electric's American Depositary Shares ("ADS") 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 Electric's American depositary shares fell over 5% over the next three days to close at $26.15 per ADS on July 8, 2021.
source: https://finance.yahoo.com/news/miely-notice-rosen-global-leading-180400838.html
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