BENSALEM, Pa., Jan. 31, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the February 8, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Nissan Motor Co., Ltd. (“Nissan” or the “Company”) (OTC: NSANY ) securities between December 10, 2013 and November 16, 2018, inclusive (the “Class Period”). Nissan investors have until February 8, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Nissan investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com .
The complaint filed in this class action alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding Nissan’s business and financial condition. Specifically, 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. Over the past decade, Nissan reported paying defendant Ghosn ¥1 billion per year in compensation. 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. As a result, Nissan underreported defendant Ghosn’s true pay over the decade by an estimated ¥10 billion. The Company also 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. Not only did the underreporting deceive Nissan’s investors, it violated the pay cap Nissan shareholders approved. As a result of defendants’ false statements and/or omissions, the price of Nissan ADRs was artificially inflated to more than $22 per share during the Class Period.
If you purchased shares of Nissan during the Class Period you may move the Court no later than February 8, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com , or visit our website at http://www.howardsmithlaw.com .
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Contacts Law Offices of Howard G. Smith Howard G. Smith, Esquire 215-638-4847 888-638-4847 howardsmith@howardsmithlaw.com www.howardsmithlaw.com
