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MIELY.US
id: 987

Mitsubishi Electric Corporation (MIELY) Fake Train Test Data Case

  • In June 2021, a Japanese newspaper reported Mitsubishi Electric (MIELY) admitting faking test data for AC equipment supplied to train companies for over 30 years. Then in early July 2021, Nikkei Asia reported resignation of Mitsubishi Electric CEO, who also admitted multi-decade systemic wrongdoing.
  • On it, $MIELY fell 5% in June, losing $1.6B+ of shareholder value, and also $MIELY fell 5% in July, losing $1.6B+ of shareholder value
  • Investors may have grounds to suspect that Mitsubishi Electric has long-standing internal control setbacks, which led to their losses.
On June 30, 2021, a Japanese newspaper reported Mitsubishi Electric admitted faking testing data when supplying train companies with air conditioning equipment for over 30 years. Although no actual tests were conducted, fake data was included in test reports to give the appearance there were no problems with the equipment.

On this news, $MIELY fell 5% and lost over $1.6 billion of its market capitalization, seriously damaging shareholders.

On July 2, 2021, Nikkei Asia published an article entitled “Mitsubishi Electric CEO Sugiyama quits over fake inspections: Outgoing chief admits 'systemic wrongdoing' going back decades”.

On this news, $MIELY fell 5% and lost over $1.6 billion of its market capitalization, further damaging shareholders.

Considering all the information, investors might have grounds to suspect that Mitsubishi Electric failed to timely disclose company’s internal control setbacks, which consequently led to their losses.

The case is already under investigation by at least one of the reputable law firms.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08 July 2021
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Mitsubishi Electric Corp ADR

Mitsubishi Electric Corporation develops, manufactures, distributes, and sells electrical and electronic equipment worldwide. The company operates through five segments: Infrastructure, Industry Mo...

    Ticker
    MIELY.US
    ISIN
    US6067762012
    Sector
    Industrials
    Industry
    Electrical Equipment & Parts
    Country
    USA
    Address
    Tokyo Building, Tokyo, Japan, 100-8310