Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Sony Corporation    6758   JP3435000009

SONY CORPORATION

(6758)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Sony : Ordered To Pay $3.5 Million For Misrepresenting Consumer Rights

share with twitter share with LinkedIn share with facebook
09/30/2020 | 02:09am EDT

The Australian Competition and Consumer Commission (ACCC) has continued its rampage on the online marketplace industry in ACCC v Sony Interactive Entertainment Network Europe Ltd [2020] FCA 787, as it continues to vigilantly protect Australian consumers that purchase items online.

In this case, the Federal Court ordered Sony Interactive Entertainment Network Europe Ltd (Sony) to pay $3.5 million in penalties for false and misleading representations to consumers in breach of the Australian Consumer Law (ACL).

Sony operates the PlayStation Network (PSN) and PlayStation store across a number of jurisdictions globally, including Australia. The PSN is a subscription-based service that provides online access to PlayStation users; and the PlayStation store is an online store which allows users to digitally purchase and then download videogames.

Sony admitted to engaging in the following conduct between September 2017 and May 2019 which contravened the ACL:

  • the terms of service for access to the PSN implied that users did not have certain consumer guarantees as to quality, functionality, completeness, accuracy or performance of digital games;
  • emails made to consumers at the time of purchase stated that PSN users could not obtain a refund of money added to their virtual wallet on the PSN; and
  • representing (orally, via call-centre agents) to consumers that they were not required to provide refunds for faulty game purchases.

In addition to the pecuniary penalty, Sony was ordered to pay $100,000 towards the ACCC's costs and publish an Australian consumer rights notice on their website.

The case is a reminder that regardless of the location of a company's headquarters, where products are being sold on the Australian market to Australian consumers, the ACL applies.

Additionally, the case highlights that companies should ensure workers in complaints divisions or call centres have comprehensive compliance training and legally approved scripts so that any verbal statements they make comply with the ACL. This is particularly pertinent while the COVID-19 pandemic continues, as it is likely that interactions with companies online and via telephone will only to increase.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mr Paul Gray
Harwood Andrews
70 Gheringhap Street Geelong, VIC 3220
Victoria
AUSTRALIA
Tel: 35225 5225
URL: www.harwoodandrews.com.au

© Mondaq Ltd, 2020 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing


share with twitter share with LinkedIn share with facebook
All news about SONY CORPORATION
02:22aJapan stocks end lower as firmer yen, U.S. political uncertainty weigh
RE
10/21Japanese shares fall on rising yen, U.S. political uncertainty
RE
10/20'Genshin Impact' revenues soar as China gaming goes global
RE
10/19Auto Makers Grapple With Battery-Fire Risks in Electric Vehicles
DJ
10/16SONY : India introduces attractive promotional offers for Diwali
AQ
10/15Nikkei flat as coronavirus resurgence in Europe hits sentiment
RE
10/15SONY : Residente signs with Sony to write, direct on-screen content
AQ
10/15SONY : Residente signs with Sony Music to create TV, films and more
AQ
10/15Standard Chartered backs passwordless tech startup Secret Double Octopus
RE
10/14Data Call Technologies, Inc. Reported Positive Working Capital Of $72,910
AQ
More news
Financials
Sales 2021 8 298 B 79 108 M 79 108 M
Net income 2021 534 B 5 088 M 5 088 M
Net cash 2021 2 212 B 21 094 M 21 094 M
P/E ratio 2021 17,9x
Yield 2021 0,63%
Capitalization 9 641 B 91 961 M 91 922 M
EV / Sales 2021 0,90x
EV / Sales 2022 0,80x
Nbr of Employees 111 700
Free-Float 96,7%
Chart SONY CORPORATION
Duration : Period :
Sony Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SONY CORPORATION
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 23
Average target price 9 900,00 JPY
Last Close Price 7 816,00 JPY
Spread / Highest target 67,6%
Spread / Average Target 26,7%
Spread / Lowest Target 2,35%
EPS Revisions
Managers
NameTitle
Kenichiro Yoshida Co-Chairman, President & Chief Executive Officer
Shuzo Sumi Co-Chairman
Hiroki Totoki Chief Financial Officer, Director & Vice President
Toru Katsumoto Senior Managing Executive Officer, Head-R&D
Makoto Toyoda Chief Information Officer & Executive Officer
Sector and Competitors
1st jan.Capitalization (M$)
SONY CORPORATION5.61%93 107
PANASONIC CORPORATION-13.04%20 024
LG ELECTRONICS INC.22.61%13 507
TCL TECHNOLOGY GROUP CORPORATION37.58%11 824
SHARP CORPORATION-25.22%7 538
XIAMEN INTRETECH INC.40.16%4 328