A lawsuit was filed on behalf of investors in Nissan Motor Co Ltd (ADR) (OTCMKTS: NSANY) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/08/2019 -- An investor in shares of Nissan Motor Co Ltd (ADR) (OTCMKTS: NSANY), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Nissan Motor Co Ltd in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Nissan Motor Co Ltd (ADR) (OTCMKTS: NSANY), have certain options and for certain investors are short and strict deadlines running. Deadline: February 8, 2019. Nissan Motor Co Ltd (ADR) (OTCMKTS: NSANY) investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff claims that between December 10, 2013 and November 16, 2018, Nissan has been materially understating its expenses – and overstating profits – by concealing half of the annual executive compensation it was obligated to pay its former Chief Executive Officer ("CEO") and Chairman of its Board of Directors ("Board"), defendant Carlos Ghosn ("Ghosn"), in order to avoid shareholder scrutiny of Ghosn's inordinately high executive compensation.
The plaintiff alleges that over the past decade, Nissan reported paying defendant Carlos Ghosn ¥1 billion per year in compensation, that in truth, Nissan paid defendant Ghosn an additional ¥1 billion per year in the form of deferred compensation I.O.U.s, but failed to disclose these payments in the Company's publicly filed financial reports, and that as a result, Nissan underreported defendant Ghosn's true pay over the decade by an estimated ¥10 billion.
The plaintiff also claims that Nissan concealed from investors the significant defects in its corporate governance and internal controls that facilitated this false financial reporting, and affirmatively failed to heed the express direction of its outside auditors dating back to at least 2013 to accurately report its executive compensation, and that not only did the underreporting deceive Nissan's investors, it violated the pay cap Nissan shareholders approved.
On November 19, 2018, Nissan Motor Co., Ltd disclosed that the company's Representative Director and Chairman Carlos Ghosn and Representative Director Greg Kelly had for years underreported compensation amounts in Tokyo Stock Exchange securities reports to reduce the disclosed amount of Ghosn's compensation. Nissan Motor Co., Ltd. disclosed other "significant acts of misconduct" by Ghosn, including personal use of company assets. According to Nissan, Kelly was also "deep[ly] involve[d.]"
Those who purchased shares of Nissan Motor Co Ltd (ADR) (OTCMKTS: NSANY) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.