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Investigation announced for Investors in shares of Marubeni Corporation (OTC: MARUY)

03-24-2020 08:56 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation for investors in Marubeni Corporation (OTC: MARUY) shares over potential securities laws violations by Marubeni.

An investigation for investors in Marubeni Corporation (OTC: MARUY) shares over potential securities laws violations by Marubeni.

Marubeni Corporation is under investigation over potential securities laws violations in connection with certain financial statements.

Investors who purchased shares of Marubeni Corporation (OTC: MARUY), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by Marubeni Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

In November 2019, Marubeni Corporation 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, an article was published entitled "Exclusive: Flying blind - Marubeni's Gavilon ignored Brazilian red flags." The 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."

Shares of Marubeni Corporation (OTC: MARUY) declined from$92.62 per share in September 2018 to as low as $45.55 per share on March 19, 2020.

Those who purchased shares of Marubeni Corporation (OTC: MARUY) have certain options and should contact the Shareholders Foundation.

About:
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

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