KYOTO, Japan, October 24, 2022 (GLOBE NEWSWIRE) — Nidec Corporation (TSE: 6594) NJDCY (“Nidec” or the “Company”) announced today that it has filed a lawsuit against Toyo Keizai Inc. and affected individuals, including seeking notices of apologies and filing a damage report with the appropriate police department and a written complaint alleging defamation by the foregoing parties , stating that the article recently published by Toyo Keizai Inc. about the company is false and slandering 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.

Toyo Keizai Online has completely misunderstood the “Insider Trading Questions and Answers” section (the “Financial Services Agency Questions and Answers”) published by the Financial Services Agency on November 18, 2008 and alleged insider trading in the purchase of its own shares reported by Nidec.

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 fully complies with Financial Services Agency rules as it has confirmed that there was no inside information prior to the formation of its trust and a…