LOS ANGELES, July 29, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Mitsubishi Electric Corporation ("Mitsubishi" or the "Company") (OTCMKTS: MIELY) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: email@example.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Japanese newspaper The Asahi Shimbun published an article on June 30, 2021 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 July 1, 2021, Mitsubishi's American Depositary Shares ("ADSs") fell $1.54 per ADS, or 5%, on this news, to close at $27.30 per ADS.
Nikkei Asia published an article on July 2, 2021 entitled "Mitsubishi Electric CEO Sugiyama quits over fake inspections: Outgoing chief admits 'systemic wrongdoing' going back decades at industrial group[.]"
On July 8, 2021, Mitsubishi's ADSs fell more than 5% over the next three days, closing at $26.15 per ADS on this news.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.