Marubeni Corporation (MARUY)
MARUY Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Notifies Shareholders of Investigation of Marubeni Corporation and Encourages Investors to Contact the Firm
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Marubeni Corporation (“Marubeni” or the Company”) (NASDAQ: MARUY). The investigation concerns whether Marubeni and certain of its officers and/or directors have violated federal securities laws.
In November 2019, Marubeni reported a loss of 3.9 billion yen ($35.85 million) related to inappropriate recognition of loss from its U.S. agribusiness Gavilon’s trade in Italy and Spain in the last business year. Then, on March 16, 2020, Reuters published an article entitled “Exclusive: Flying blind – Marubeni’s Gavilon ignored Brazilian red flags.” The Reuters article reported, among other issues, that “Brazilian risk controllers at Gavilon do Brasil raised red flags as early as June 2016 about lax accounting that ultimately let the company book inaccurate estimates for freight costs, boosting its profits and masking losses”; “an Ernst & Young audit flagged to Gavilon do Brasil managers that its processes left room for fraud”; and that “it was only in 2019 when Gavilon adopted a new accounting methodology that major discrepancies were revealed between actual shipping costs and the freight costs recorded in Gavilon’s books, leading to an internal investigation.” On this news, Marubeni’s share price fell $2.00, or 3.96%, to close at $40.56 on March 16, 2020.
If you are aware of any facts relating to this investigation, or purchased Marubeni shares, you can assist this investigation by contacting the firm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.