Nidec Wins Damages Case against Toyo Keizai Inc.

Nidec Corporation (TSE: 6594; OTC US: NJDCY) (“Nidec” or the “Company”) today announced that it has received a ruling in favor of the Company in the action that it instituted against Toyo Keizai Inc. (head office: 1-2-1 Nihonbashi, Hongokucho, Chuo-ku, Tokyo) and concerned individuals to the Tokyo District Court on October 24, 2022, demanding damages based on the defamation by the aforementioned parties.

In its ruling, the Tokyo District Court, citing, among other reasons, that Toyo Keizai Inc.’s reporting on the Company’s alleged act of insider trading is false, and that the coverage of the reporting was insufficient, found the reporting by Toyo Keizai Inc. did defame Nidec’s reputation, and ordered Toyo Keizai Inc. and concerned individuals to pay damages to the Company, and to remove the article in question.

This ruling makes it clear that Nidec properly acquired treasury stock in accordance with applicable laws and regulations, and that the Company is free of suspicions over insider trading.

Nidec stays committed to conducting business activities in accordance with applicable laws and regulations.