MITSUBISHI SHAREHOLDER NOTICE
NEW YORK - ( NewMediaWire ) - September 22, 2021 - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Mitsubishi Electric Corporation (“Mitsubishi” or the “Company”) (OTC:MIELF/MIELY).
If you suffered losses exceeding $50,000 investing in Mitsubishi American Depositary Shares (“ADS”) and would like to discuss your legal rights , call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: http://www.faruqilaw.com/MIELF.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.
Specifically, on June 30, 2021, The Asahi Shimbun, a Japanese newspaper, published an article entitled “Mitsubishi Electric faked train test data likely for decades” which reported 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 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 this news, the Company’s ADSs fell $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 an article entitled “Mitsubishi Electric CEO Sugiyama quits over fake inspections: Outgoing chief admits ‘systemic wrongdoing’ going back decades at industrial group[.]”
On this news, the Company’s ADSs fell another 5% over the next three days to close at $26.15 per ADS on July 8, 2021.
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