STEVENSON, Md., Dec. 28, 2017 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Kobe Steel, Ltd. (Other OTC:KBSTY) (“Kobe” or the “Company”) American Depository Receipts (ADRs) during the period between May 29, 2013 and October 12, 2017, inclusive (the “Class Period”).  Investors who wish to become proactively involved in the litigation have until February 26, 2018 to seek appointment as lead plaintiff.

If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court.  The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action.  The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Kobe securities during the Class Period.  Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.  No class has yet been certified in the above action.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period the true quality of the Company’s products and misrepresenting that such products had passed quality control tests.

According to the complaint, following an October 8, 2017 press release announcing improper conduct concerning a portion of the aluminum and copper products, an October 10, 2017 article announcing that several major manufacturers had confirmed use of the affected products, an October 12, 2017 article reporting the Company’s fake data scandal, and an October 13, 2017 press release announcing updated information regarding the falsified data, the value of Kobe ADRs declined significantly.

If you have suffered a loss in excess of $100,000 from investment in Kobe securities purchased on or after May 29, 2013 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at or by telephone at (410) 415-6616.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.  If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice.  You need take no action at this time to be a member of the class.

Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616