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NY law firm investigating Kobe Steel for possible securities fraud

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NY law firm investigating Kobe Steel for possible securities fraud

New York law firm Levi & Korsinsky LLC said Oct. 16 it has started an investigation of Kobe Steel Ltd. concerning possible violations of federal securities laws and securities fraud.

On Oct. 8, Kobe Steel said its internal checks found that a portion of its aluminum and copper products were falsely labeled to show they met the specifications requested by customers.

The company later said about 500 companies were affected by false quality certification data for its aluminum, copper, iron powder and steel products. CEO Hiroya Kawasaki said the company would pay any costs.