NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, continues investigating potential securities claims on behalf of shareholders of Marubeni Corporation (OTC: MARUY) resulting from allegations that Marubeni may have issued materially misleading business information to the investing public.
In November 2019, Marubeni reported a loss of 3.9 billion yen ($35.85 million) related to inappropriate recognition of loss from its U.S. agribusiness Gavilon's trade in Italy and Spain in the last business year. Then, on March 16, 2020, Reuters published an article entitled "Exclusive: Flying blind – Marubeni's Gavilon ignored Brazilian red flags." The Reuters article reported, among other issues, that "Brazilian risk controllers at Gavilon do Brasil raised red flags as early as June 2016 about lax accounting that ultimately let the company book inaccurate estimates for freight costs, boosting its profits and masking losses"; "an Ernst & Young audit flagged to Gavilon do Brasil managers that its processes left room for fraud"; and that "it was only in 2019 when Gavilon adopted a new accounting methodology that major discrepancies were revealed between actual shipping costs and the freight costs recorded in Gavilon's books, leading to an internal investigation."
On this news, Marubeni's share price fell $2.00, or 3.96%, to close at $40.56 on March 16, 2020.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Marubeni investors. If you purchased shares of Marubeni please visit the firm’s website at http://www.rosenlegal.com/cases-register-1826.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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