Toshiba Class Action
In July 2015, an independent investigation committee disclosed that Toshiba had overstated its operating profits by $1.22 bn. The report further confirmed that the fraud inside of Toshiba was organized and mostly coming from the lack or delay in reporting substantial losses connected to its infrastructure, semiconductor, personal computer and television business divisions.
The report further documented that Toshiba’s President and Vice Chairman were aware of the profit overstatements and the delays in loss reporting, and had pushed their subordinates to meet unachievable financial targets. In December 7 2015, Japan’s Financial Services Agency (FSA) recommended a record fine of ¥7.37 billion ($60 million) for Toshiba’s accounting-related violations.
Claims Funding Europe has joined with the international law firm DRRT and the Japanese firm Koga & Partners to represent global institutional investors who suffered losses as a result of the reporting failures. The case has been filed in Tokyo.