Type of Claim: Investigating
Claim Period: 1 January 2012 to 18 November 2018
Defendants: Nissan Motor Co. Ltd
Governing Law: Japanese law
Limitation: 18 November 2020
On 19 November 2018, the media reported that Carlos Ghosn had been arrested over claims of financial misconduct, including under-reporting of his salary for several years and personal use of company assets. Nissan had initiated an internal investigation after being alerted to the misconduct by a whistleblower.
The next day, media outlets reported that Tokyo prosecutors were alleging that Ghosn failed to declare JPY5bn ($44m) of his income on Nissan’s official securities reports submitted over five years starting from 2011.
Nissan’s share price fell from JPY950.70 on 20 November 2018 to JPY901.30 on 20 December 2018, causing the market capitalisation to fall by just over JPY200bn ($1.9bn) on the news.
Stewarts is investigating with local Japanese counsel the viability of a shareholder claim under the Financial Instruments and Exchange Act.
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