In a trial in which shareholders of a manufacturer that was delisted in just six months after a huge amount of window dressing was discovered and asked for compensation from securities companies, the Supreme Court canceled part of the judgment of the second trial and was the lead underwriter Mizuho. He sentenced the securities to liability.
FOI, a semiconductor manufacturing equipment manufacturer located in Kanagawa Prefecture, was delisted in just six months after the fraudulent accounting of over 10 billion yen was discovered immediately after listing on TSE Mothers in 2009, and shareholders became securities companies. I asked for compensation.
Of these, the Tokyo District Court in the first instance stated that it was liable for compensation for the proceedings against Mizuho Securities, the lead underwriter who was preparing for listing, saying that it had not conducted sufficient necessary investigations. However, the Tokyo High Court of the second trial canceled the first trial, saying that it was "investigating with due care" and decided that it was not responsible.
Yuko Miyazaki, the judge of the Supreme Court's Third Small Court, said in a ruling, "If you come in contact with information that has serious financial doubts, securities companies are required to investigate and confirm. However, an anonymous letter pointing out window dressing. We did not conduct the necessary investigations to receive the information, "said Mizuho Securities.
After that, I canceled a part of the judgments of the two trials and ordered the Tokyo High Court to hear the amount of compensation.
Mizuho Securities commented, "We take it seriously that our exemption was not granted. We will scrutinize the decision and take appropriate measures."