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Investigation announced for Investors in Marubeni Corporation (OTC: MARUY) over potential Wrongdoing

04-13-2020 09:02 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors in Marubeni Corporation (OTC: MARUY) shares over potential wrongdoing at Marubeni.

An investigation on behalf of investors in Marubeni Corporation (OTC: MARUY) shares over potential wrongdoing at Marubeni.

An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Marubeni Corporation.

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 concerns whether certain Marubeni Corporation directors breached their fiduciary duties and caused damage to the company and its shareholders.

Japan based Marubeni Corporation engages in various business activities worldwide. Marubeni Corporation reported that its Total Revenue declined from over 7.54 billion JPY for the 12 months period that ended on March 31, 2018, to over 7.4 billion JPY for the 12 months period that ended on March 31, 2019, and that its Net Income increased from 211.25 million JPY to 230.89 million JPY over those respective time periods.

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."

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

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, 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, investigations, and/or settlements are not filed/initiated/reached and/or are not 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.

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