Mitsubishi Electric Corporation (MIELY, MIELF)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Mitsubishi Electric Corporation ("Mitsubishi Electric " or "the Company") (OTC: MIELY, MIELF). The investigation concerns whether Mitsubishi Electric and certain of its officers and/or directors have violated federal securities laws.
On June 30, 2021, a Japanese newspaper, The Asahi Shimbun, published a report, "Mitsubishi Electric faked train test data likely for decades" and 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 on July 1, 2021. Then on July 2, 2021, Nikkei Asia published a report, "Mitsubishi Electric CEO Sugiyama quits over fake inspections: Outgoing chief admits 'systemic wrongdoing' going back decades at industrial group[.]" Following this news, Mitsubishi Electric’s American depositary dropped over 5% during the following three days to close at $26.15 on July 8, 2021.
If you are aware of any facts relating to this investigation, or purchased Mitsubishi Electric shares, you can assist this investigation. 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.