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KBSTY INVESTORS ALERT: Lieff Cabraser Announces the Filing of a Securities Class Action Against Kobe Steel, Ltd.The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the publicly traded American Depositary Receipts ("ADRs") of Kobe Steel, Ltd. ("Kobe Steel" or the "Company") (OTC BB: KBSTY) between May 29, 2013 and October 12, 2017, inclusive (the "Class Period"). If you purchased or otherwise acquired the publicly traded ADRs of Kobe Steel during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 26, 2018. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions. Kobe Steel investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358. Background on the Kobe Steel Scurities Class Litigation Kobe Steel is one of Japan's largest steel manufacturers and a leading supplier of aluminum and copper products. The action alleges that during the Class Period, Kobe Steel misrepresented the quality of its products and the integrity of its operations, product safety, and compliance issues. Defendants' statements were materially false or misleading because the Company had intentionally falsified data on many of its aluminum, copper, iron, and steel products, and knowingly sold products that failed quality control tests. On Sunday, October 8, 2017, Kobe Steel disclosed that certain of its products "did not comply with the product specifications" and that certain inspection certificates regarding product data "had been improperly rewritten etc., and the products were shipped as having met the specifications concerned." On that news, the price of Kobe Steel ADRs fell $0.62 per ADR, or 10.47% from the previous closing price of $5.92 on October 6, 2017, to close at $5.30 per ADR on October 9, 2017. On October 10, 2017, Reuters (News - Alert) reported that several major manufacturers had confirmed that they had used the Kobe Steel products at issue. On that news, the price of Kobe Steel ADRs dropped another $1.30 per ADR, or 24.53% from the previous closing price, to close at $4.00 per ADR on October 10, 2017. On October 13, 2017, Kobe Steel provided updated information concerning an investigation into the falsified data and disclosed a list of 9 products the Company had identified that may not have met product specifications. On the same day, The New York Times reported that the Company had shipped "substandard or potentially substandard materials to 500 customers, up from an initial estimate of 200." On that news, the price of Kobe Steel ADRs fell $0.40 per ADR, or over 10.13% from the previous closing price of $3.95 on October 12, 2017, to close at $3.55 per ADR on October 13, 2017, intensifying the harm to investors. About Lieff Cabraser Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. The National Law Journal has recognized Lieff Cabraser as one of the nation's top plaintiffs' law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms "representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity." Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm's "laser focus" and noting that our firm routinely finds itself "facing off against some of the largest and strongest defense law firms in the world." In late 2016, Benchmark Litigation named Lieff Cabraser one of the "Top 10 Plaintiffs' Firms in America." For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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