Okabe Co., Ltd. (JP:5959) has released an update.
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Okabe Co., Ltd. has reached an agreement in principle to settle a lawsuit in the U.S. involving its subsidiary, Water Gremlin Company, over environmental violations. As part of the settlement, the company will contribute $14.4 million to the subsidiary’s bankruptcy estate, resulting in an extraordinary loss in its financial results. This settlement follows the filing for Chapter 11 proceedings by its U.S. subsidiaries.
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