Leading Cases

Investors claiming to have acquired Toshiba shares allege:(1) material misstatements regarding improper accounting in securities reports and quarterly reports; (2) false statements in internal control reports to the effect that the internal controls were effective; (3) impairment losses at consolidated subsidiaries.

Investors who acquired shares in Olympus Corporation sought damages from Olympus, citing false statements including the overstatement of consolidated net assets by approximately ¥50 billion to ¥120 billion in the financial statements submitted by Olympus.

This is a leading case in which the Supreme Court, for the first time, ruled on the scope of damages causally related to false statements in securities reports and other documents, based on such false statements.

Investors who acquired shares in Livedoor Holdings Co., Ltd. are seeking approximately ¥10.8 billion in damages, alleging that the securities report submitted by the company contained false statements—reporting a consolidated ordinary loss of approximately ¥300 million instead of a consolidated ordinary profit of approximately ¥5 billion.

Shareholders of Urban Corporation, Inc., a real estate consulting firm, filed a lawsuit challenging the assessment of rehabilitation claims, alleging false statements in the company's extraordinary report and securities report.

This case concerns investors who acquired shares of IHI Corporation (“IHI”) and sought damages from IHI on the grounds that its securities registration statement and semiannual report contained false statements regarding consolidated interim net income/loss and consolidated net income/loss.