NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Mitsubishi Electric Corporation (Other OTC: MIELY) on behalf of Mitsubishi Electric stockholders. Our investigation concerns whether Mitsubishi Electric has violated the federal securities laws and/or engaged in other unlawful business practices.
Click here to participate in the action.
On June 30, 2021, a Japanese newspaper, The Asahi Shimbun, published a report titled, “Mitsubishi Electric faked train test data likely for decades” which stated 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 report continued to state 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.” Following this news, Mitsubishi Electric’s American depositary shares dropped $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 a report titled, ‘“Mitsubishi Electric CEO Sugiyama quits over fake inspections: Outgoing chief admits ‘systemic wrongdoing’ going back decades at industrial group[.]’” Following this news, the price of Mitsubishi Electric’s ADS dropped over 5% during the following three days to close at $26.15 on July 8, 2021.
If you purchased or otherwise acquired Mitsubishi Electric shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker, Melissa Fortunato, or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.