NEW YORK, Aug. 29, 2021 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Mitsubishi Electric Corporation (âMitsubishiâ or the âCompanyâ) (MIELF/MIELY).
If you suffered losses exceeding $50,000 investing in Mitsubishi American Depositary Shares (âADSâ) 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 âMitsubishi Electric faked train test data likely for decadesâ which reported that âMitsubishi 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.â The article further reported that â[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.â
On this news, the Companyâs 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 âMitsubishi Electric CEO Sugiyama quits over fake inspections: Outgoing chief admits âsystemic wrongdoingâ going back decades at industrial group[.]â
On this news, the Companyâs ADSs fell another 5% over the next three days to close at $26.15 per ADS on July 8, 2021.
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