SUMIDA: Company News

Notice on a Lawsuit Filed Against a Former Outside Director

November 22nd 2019
Press Release

SUMIDA CORPORATION (“the Company”) hereby announces that, today on Friday, November 22, 2019 Sumida has initiated a damage suit (“the Suit”) against a former outside director of the Sumida, Mr. Soichiro Uchida. The details are as follows.

1. The circumstances and reason that led to filing the Suit

On November 6, 2018, Mr. Uchida, a former outside director of the Company was found guilty by the Tokyo District Court for violation of the Financial Instruments and Exchange Act (insider trading/recommending insider trading). (The final judgment was passed on November 21, 2018.)

With respect to the damages that were caused to the Company by Mr. Uchida’s acts that were violating the Financial Instruments and Exchange Act, the Suit has been filed against him for violating the duty of care.

Pursuant to Article 408 (1) (ii) of the Companies Act, a member of the audit committee of the Company was appointed by the audit committee to represent the Company in the Suit. 

2. The court that the Company filed the Suit with

Tokyo District Court

3. The party that filed the Suit (Plaintiff)

(1) Name: SUMIDA CORPORATION

(2) Address: Harumi Island Triton Square Office Tower X14F, 1-8-10 Harumi, Chuo-ward, Tokyo

(3) Representative of the plaintiff in the Suit: Dr. Masako Miyatake, member of the audit committee of the Company. 

4. The other party in the Suit (Defendant)

Mr. Soichiro Uchida, former outside director of the Company 

5. The complaints filed by the plaintiff

Claim for payment of a total amount of 81,530,000 yen, which include an amount of 52,157,500 yen as compensation of damages caused by the defendant’s violation of the duty of due care.

6. Future prospect

The Suit will have little or no effect on the Company’s business performance.

 

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