Nidec Files a Civil Action and a Complaint against Diamond, Inc.

Rhea-AI Summary

Nidec Corporation (OTC US: NJDCY) has initiated legal action against Diamond, Inc. following defamation claims made in multiple publications, including Diamond Online and Diamond Weekly. The lawsuit was filed on January 24, 2023, at the Tokyo District Court, seeking damage compensation, removal of false articles, and apology advertisements. The defendants are accused of making unfounded claims regarding executive dismissals and staffing issues within Nidec. The company regards these reports as false and damaging to its reputation and is committed to upholding business practices in accordance with legal standards.

Positive

• Nidec is taking legal action to defend its reputation, which may strengthen investor confidence.
• The company is actively addressing and combating misinformation, indicating a proactive management approach.

Negative

• The defamation claims could potentially harm Nidec's reputation and affect stock performance.
• Ongoing legal disputes may divert management's focus from core business operations.

KYOTO, Japan--(BUSINESS WIRE)-- Nidec Corporation (TOKYO: 6594) (OTC US: NJDCY) (“Nidec” or the “Company”) announced today that it has instituted an action against Diamond, Inc. and concerned individuals, requesting apology advertisements, among others, and submitted to the competent police station a damage report and a written complaint on the defamation by the aforementioned parties, stating that the recent article published by Diamond, Inc. on the Company is false and defames it.

Details of the civil law suit

1. Court: The Tokyo District Court
2. Date of filing the lawsuit: January 24, 2023
3. Defendants: Diamond, Inc. and editors-in-chief and writers for Diamond Weekly and Diamond Online
4. Address of the defendants: 6-12-17 Jingu-mae, Shibuya-ku, Tokyo
5. Details of the demands: Damage compensation, removal of the articles in question, and apology advertisements among others

Background leading to the civil lawsuit

In the September 29 and November 30, 2022 editions of Diamond Online and the January 07 and 14, 2023 editions of Diamond Weekly, the defendants claimed, among others, that the Company’s Chairman consecutively dismissed those executives opposed to him, and that the Company is short-staffed now that almost all mid-career employees are gone due to the virtual dismissal of its previous President. None of such claims are true.

Nidec finds it unacceptable that Diamond, Inc. defamed the Company by reporting those falsehoods without any conclusive evidence. Therefore, to clarify the truth, the Company has decided to institute an action and a criminal complaint against the aforementioned parties.

Nidec stays committed to engaging in business activities in compliance with laws and regulations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230123005826/en/

Masahiro Nagayasu

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

What legal action has Nidec Corporation taken against Diamond, Inc.?

Nidec has filed a lawsuit against Diamond, Inc. seeking damage compensation, removal of false articles, and apology advertisements.

When was the lawsuit against Diamond, Inc. filed?

The lawsuit was filed on January 24, 2023, at the Tokyo District Court.

What are the main claims made against Nidec Corporation by Diamond, Inc.?

Diamond, Inc. claimed that Nidec's Chairman dismissed executives and that the company is short-staffed, which Nidec denies.

How might the defamation claims affect Nidec Corporation's stock (NJDCY)?

The defamation claims could potentially harm Nidec's reputation, affecting investor confidence and stock performance.

What does Nidec Corporation aim to achieve with its lawsuit?

Nidec aims to clarify the truth, seek damages, and uphold its reputation through legal means.