NISSAN MOTOR LTD S/ADR (US TRADING VENUE: NSANY)
On December 10, 2018, Plaintiff’s law firm issued a press release announcing the lawsuit. According to the press release, the Complaint 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, according to the Complaint, 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”), in order to avoid shareholder scrutiny of the CEO’s inordinately high executive compensation. The Company also concealed from investors the significant defects in its corporate governance and internal controls 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.
On February 26, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 6.