Investigation of Nissan Motor Co., Ltd.
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Are you a former employee of Nissan Motor Co., Ltd. (NSANY) (NSANF) (7201.T) and own stock in the company? Robbins LLP is investigating breaches of fiduciary duty by the officers and board of directors of Nissan.
Nissan Motor Co., Ltd. Failed to Disclose Executive Compensation
Robbins LLP is investigating whether Nissan Motor Co., Ltd. (NSANY) (NSANF) (7201.T) made false and misleading statements regarding executive compensation in its annual financial reports, resulting in an understatement of Nissan’s compensation expenses and an overstatement of its operating income between May 11, 2014 and November 16, 2018.
Nissan is the subject of a class action alleging that since at least 2010, Nissan’s former CEO and Chairman Carlos Ghosn and Director Greg Kelly engaged in an unlawful scheme to increase Ghosn’s pay by approving billions of yen in deferred compensation, which Nissan would be obligated to pay him upon retirement. Ghosn ultimately awarded himself more than $80 million in deferred compensation. The class action further alleges that Nissan made false and misleading statements regarding its corporate governance and internal controls, compliance with applicable laws and regulations, and commitment to ethical conduct in Nissan’s other mandatory disclosure documents.
U.S. District Judge William L. Campbell, Jr. recently denied defendants’ motion to dismiss the class action, paving the way for litigation to proceed and causing further harm to shareholders.