An investor, who purchased shares of Nissan Motor Co Ltd (ADR) (OTCMKTS: NSANY), filed a lawsuit in the U.S. District Court for the Middle District of Tennessee over alleged violations of Federal Securities Laws by Nissan Motor Co Ltd in connection with certain allegedly false and misleading statements made between December 10, 2013 and November 16, 2018.
Investors in shares of Nissan Motor Co Ltd (ADR) (OTCMKTS: NSANY) have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Nissan Motor Co Ltd (ADR) (OTCMKTS: NSANY) common shares between December 10, 2013 and November 16, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 10, 2013 and November 16, 2018, 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.
The plaintiff alleges that over the past decade, Nissan reported paying defendant Carlos Ghosn ¥1 billion per year in compensation, that 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, and that as a result, Nissan underreported defendant Ghosn’s true pay over the decade by an estimated ¥10 billion.
The plaintiff also claims that Nissan 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, and that not only did the underreporting deceive Nissan’s investors, it violated the pay cap Nissan shareholders approved.
Those who purchased shares of Nissan Motor Co Ltd (ADR) (OTCMKTS: NSANY) have certain options and should contact the Shareholders Foundation.
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