Mitsubishi Electric Corporation
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Japanese newspaper The Asahi Shimbun published an article on June 30, 2021 entitled “Mitsubishi Electric faked train test data likely for decades” which reported that the Company “admitt[ed] that it has faked testing data when supplying train companies with air conditioning equipment apparently for more than 30 years.” The article further reported that “[a]lthough no such tests were conducted, fake data was created and included in test reports to give the appearance there were no problems with the equipment.”
On July 1, 2021, Mitsubishi’s American Depositary Shares (“ADSs”) fell $1.54 per ADS, or 5%, on this news, to close at $27.30 per ADS.
Nikkei Asia published an article on July 2, 2021 entitled “Mitsubishi Electric CEO Sugiyama quits over fake inspections: Outgoing chief admits ‘systemic wrongdoing’ going back decades at industrial group[.]”
On July 8, 2021, Mitsubishi’s ADSs fell more than 5% over the next three days, closing at $26.15 per ADS on this news.
ATI completed its business combination with Fortress Value Acquisition Corp. II (“FVAC II”), a special purpose acquisition company, on June 16, 2021. On July 26, 2021, ATI reported its financial results for the second fiscal quarter of 2021. ATI’s reported results included a net operating revenue of $164.0 million, in comparison to $149.1 million for the first quarter of 2021. ATI also announced that it was lowering guidance for the balance of the fiscal year. ATI’s stock price fell $3.62 per share, or 43.41%, on this news, to close at $4.72 per share on July 26, 2021.