NEW YORK, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Nissan Motor Co., Ltd. (“Nissan” or the “Company”) (Other OTC:NSANY) of the February 8, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Nissan American Depository Receipts (“ADRs”) or options between December 10, 2013 and November 16, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/NSANY.  There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26^th Floor
New York, NY 10017
Attn:  Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the Middle District of Tennessee on behalf of all those who purchased Nissan ADRs between December 10, 2013 and November 16, 2018 (the “Class Period”).  The case, Jackson County Employees' Retirement System v. Ghosn, et al., No. 18-cv-01368 was filed on December 10, 2018 and has been assigned to Judge William L. Campbell, Jr.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that it materially understated its expenses and overstated its profits by concealing half of the annual executive compensation it was obligated to pay to its former Chief Executive Officer (“CEO”) Carlos Ghosn. Also alleged in the lawsuit is that the Company concealed from investors the significant defects in its corporate governance and internal controls that facilitated this false financial reporting, notably while affirmatively emphasizing the Company’s “strong ethics” and “high transparency.”

Specifically, on November 19, 2018, former CEO Carlos Ghosn and former Board member Greg Kelly were arrested by Japanese law enforcement. The same day, Nissan stated that Ghosn and Kelly would be stripped of all roles at the Company at a November 22, 2018 Board meeting. It was later disclosed that an internal investigation at Nissan found that defendant Ghosn had also improperly filed expenses and used Company assets for his private use for many years.

On this news, the Company's stock price fell from $17.95 per ADR on November 16, 2018 to $16.90 per ADR on November 19, 2018—a $1.05 or 5.85% drop. 

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Nissan’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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