LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Mitsubishi Electric Corporation (“Mitsubishi” or “the Company”) (OTC: MIELY, MIELF) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Mitsubishi is the subject of an article published by The Asahi Shimbun on June 30, 2021, titled: “Mitsubishi Electric faked train test data likely for decades.” According to the article, “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.” Nikkei Asia then published an article on July 2, 2021, titled: “Mitsubishi Electric CEO Sugiyama quits over fake inspections: Outgoing chief admits 'systemic wrongdoing' going back decades at industrial group.” Based on this news, Mitsubishi’s ADS’s fell by more than 5% on July 8, 2021.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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