Mitsubishi Electric Corporation
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The Japanese newspaper The Asahi Shimbun published an article on June 30, 2021, entitled “Mitsubishi Electric faked train test data likely for decades” reporting 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.” Mitsubishi’s American Depositary Shares fell $1.54 per ADS, or 5%, on this news, to close at $27.30 per ADS on July 1, 2021. Then, on July 2, 2021, Nikkei Asia published an article entitled “Mitsubishi Electric CEO Sugiyama quits over fake inspections: Outgoing chief admits ‘systemic wrongdoing’ going back decades at industrial group[.]” Mitsubishi’s ADSs fell more than 5% on this news over the next three days, closing at $26.15 per ADS on July 8, 2021.