KYOTO, Japan, Oct. 24, 2022 (GLOBE NEWSWIRE) — Nidec Corporation (TSE: 6594) (OTC US: NJDCY) (“Nidec” or the “Company”) announced today that it has filed a lawsuit against Toyo Keizai Inc . and affected persons, among other things, requested apologies and submitted to the relevant police department a damage report and a written complaint of defamation by the above parties, stating that the article recently published by Toyo Keizai Inc. about the company was false and defames it.

1. Details of the civil action

(1) Court: Tokyo District Court
(2) Date of Action: October 24, 2022
(3) Defendants: Editor-in-chief, reporters and writers of Toyo Keizai Online, Toyo Keizai Inc.
(4) Defendant’s address: 1-2-1 Nihonbashi, Hongokucho, Chuo-ku, Tokyo
(5) Details of claims: including damages, removal of the article in question, and notices of apologies

2. background of the civil action
Toyo Keizai Online published an article on Friday, October 7, 2022 raising doubts that Nidec is allegedly engaged in insider trading when acquiring its own shares. The article is completely wrong.

Totally misunderstanding the “Insider Trading Questions and Answers” section (the “Financial Services Authority’s Questions and Answers”) published by the Financial Services Authority on November 18, 2008, Toyo Keizai Online reported alleged insider trading involving Nidec’s acquisition of its own stock.

The Financial Services Agency Questions and Answers establish that an act by a company forming a trust to acquire its own stock does not constitute insider trading provided the company is not aware of inside information at the time the trust is formed and after formation such a trust will not be instructed by the company to a trust bank to purchase the shares. Nidec is fully compliant with Financial Services Agency rules as it has confirmed there was no insider…