NEW YORK, March 25, 2020 / PRNewswire / – Pomerantz LLP is investigating claims on behalf of investors from Marubeni Corporation (“Marubeni” or the “Company”) (OTCMKTS: MARUY). These investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The purpose of the investigation is to determine whether Marubeni and some of its officers and / or directors have engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
In November 2019, Marubeni reported a loss of 3.9 billion yen (($ 35.85 million) linked to the inappropriate finding of losses related to the trade of its American agrifood company Gavilon Italy and Spain in the last trading year. Then the March 16, 2020, Reuters published an article entitled “Exclusive: Flying blind – Gavilon de Marubeni ignored the Brazilian red flags.” the Reuters The article reported, among other things, that “Brazilian risk controllers in Gavilon do Brasil raised the red flags as soon as June 2016 on lax accounting which ultimately allowed the company to record inaccurate estimates for transportation costs, increase profits and hide losses “;” an Ernst & Young audit reported to Gavilon do Brasil executives that its processes were open to fraud “; and that” it was not until 2019, when Gavilon adopted a new accounting methodology that revealed major gaps between the actual shipping costs and the shipping costs recorded in Gavilon’s books, which led to an internal investigation. ”
Marubeni’s share price dropped on this news $ 2.00, or 3.96%, to close at $ 40.56 sure March 16, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is recognized as one of the leading firms in the areas of corporate, securities and cartel litigation. Founded by the end Abraham L. Pomerantz, known as the dean of the class actions bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 80 years later, Pomerantz continues the tradition it has established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar awards on behalf of group members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP