Toshiba Class Action
Toshiba is a Tokyo-based multinational conglomerate focused on consumer electronics, industrial equipment, and power systems. The Company is listed on the Tokyo and Nagoya stock exchanges. For decades, Toshiba was one of Japan’s largest companies.
In February 2015, Toshiba received a report order from the Securities and Exchange Surveillance Commission (“SESC”), Japan’s securities regulator. The order subjected the Company to a “disclosure inspection” with respect to the accounting method it used to recognize revenue for long-term contracts. In the course of the SESC’s investigation, additional issues relating to Toshiba’s accounting processes were revealed.
Consequently, the Company established an independent body charged with investigating Toshiba’s accounting methods. The same committee would go on to report substantial accounting irregularities, including that Toshiba had overstated its profits by US$1.22 billion over a seven-year period. Japan’s Financial Services Agency would later recommend a record fine of ¥7.37 billion ($60 million) for Toshiba’s accounting-related violations.
These disclosures, and other accounting issues that were revealed in their aftermath, resulted in one of the worst-ever share collapses for a Japanese company.
Claims Funding Europe has joined the international law firm DRRT and the Japanese firm Koga & Partners to represent global institutional investors who suffered losses as a result of Toshiba’s reporting failures. The case has been filed in Tokyo.
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