Nidec Comments on Toyo Keizai Online’s Article Published on October 24, 2022

Rhea-AI Summary

Nidec Corporation (TSE: 6594) (OTC US: NJDCY) responded to Toyo Keizai Online’s recent article raising doubts about its treasury stock acquisition. The company asserts that these claims stem from misunderstandings and are defamatory. Following communication from Toyo Keizai on October 20, 2022, Nidec emphasized that the publication's report did not consider its response. In light of the repeated allegations, Nidec is preparing to pursue legal action against Toyo Keizai to defend its reputation. The company will provide updates as necessary.

Positive

• Nidec is taking proactive legal measures to defend its reputation against defamatory claims.
• The company has issued a clear statement denying the allegations, reinforcing its position on treasury stock acquisition.

Negative

• The ongoing negative publicity from Toyo Keizai may impact investor perception and stock performance.
• Potential legal battles could divert management focus and resources from core business operations.

KYOTO, Japan, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594) (OTC US: NJDCY) (“Nidec” or the “Company”) noted today that Toyo Keizai Online published an article on October 24, 2022 which, following its October 7, 2022 article, expresses doubts that Nidec is conducting inappropriate processing in the acquisition of treasury stock.

After receiving a letter of inquiry from Toyo Keizai Inc. regarding the matter in question on October 20, 2022, the Company replied on the same day that the claim is based on a mistaken notion. Toyo Keizai Inc.’s latest report is not based on the reply.

Toyo Keizai Inc.’s repeated reporting that defames Nidec’s honor is unacceptable to us, and the Company is currently preparing to take legal actions, including a lawsuit, against Toyo Keizai Inc.

Nidec will promptly announce any new information to share publicly regarding the above matter.

Contact:
Masahiro Nagayasu
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com 

 

FAQ

What allegations did Toyo Keizai Online make against Nidec Corporation on October 24, 2022?

Toyo Keizai Online expressed doubts regarding Nidec's handling of its treasury stock acquisition.

How did Nidec respond to Toyo Keizai's claims?

Nidec stated that the claims were based on misunderstandings and asserted that the report was defamatory.

What legal actions is Nidec planning against Toyo Keizai?

Nidec is preparing to take legal action, including a lawsuit, to address the defamatory reporting by Toyo Keizai.

When did Nidec communicate with Toyo Keizai about the allegations?

Nidec communicated its position to Toyo Keizai on October 20, 2022.

What was the nature of Nidec's treasury stock acquisition being questioned?

The specifics were not detailed, but the acquisition itself was questioned regarding its appropriateness.