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Nidec Receives Notification of Derivative Action Filed Against Former Board Members

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Nidec (TYO:6594) said it received the notification of a derivative action filed by an individual shareholder against former board members Shigenobu Nagamori and Hiroshi Kobe with the Kyoto District Court on Wednesday, according to a Friday filing with the Tokyo Stock Exchange.

The Tokyo-listed company said that the shareholder claims that its treasury-share acquisitions in September 2022 and February-March 2023, as well as the interim dividend in December 2022, were illegal because they exceeded amounts distributable under the Accounting Rules.

The individual shareholder is seeking 28.73 billion yen plus delinquent charges from the defendants and others for payment to the company under Article 462 of the Companies Act.

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