SAN DIEGO, Feb. 26 /PRNewswire/ -- A class action securities lawsuit Squires v Toyota Motor Corporation, et. al., has been commenced in the United States District Court for the Central District of California, Western Division, seeking damages for violations of the Securities Exchange Act of 1934 to benefit purchasers of Toyota Motor Corporation ("Toyota" or the "Company") publicly traded securities from December 22, 2006 through February 2, 2010 (the "Class Period"). The lawsuit extends to purchasers of Toyota American Depositary Shares ("ADS") and Toyota common stock .
The complaint names Toyota Motor Corporation, Toyota Motor North America, Inc., Toyota Motor Sales, U.S.A., Inc., and certain officers and directors of these companies as defendants. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's operations with regard to vehicle quality, safety and business outlook. The complaint states that Toyota failed to disclose serious safety and quality control issues regarding Toyota automobiles. As a result of defendants' false statements, Toyota's securities traded at artificially inflated prices during the Class Period.
On January 21, 2010, Toyota announced a massive recall of eight different vehicle models relating to defective accelerator pedals. On January 26, 2010, Toyota announced that it was halting the sale of these models as a result of the accelerator pedal defect and that the Company was shutting down its North American assembly lines for one week beginning February 1, 2010. As a result, Toyota's ADSs dropped $7.01 per share to close at $79.77 per share on January 27, 2010, a drop of more than 8%. Toyota common shares dropped more than 4%. On February 2, 2010, after the market closed, Toyota reported that its U.S. sales for January 2010 had dropped 16% from a year ago due to the recall and subsequent suspension of sales. As a result of this news, Toyota's ADSs fell $4.69 per share, closing at $73.49 per share on February 3, 2010, a decline of 6%. Toyota's common stock also dropped approximately 6%.
Plaintiff seeks to recover losses of all persons who purchased or acquired the securities during the Class Period. Plaintiff is represented by Finkelstein & Krinsk LLP, a highly experienced law firm successfully litigating securities cases throughout the country.
As a member of the Class described above, you may, not later than April 9, 2010, move to serve as Lead Plaintiff for the Class. If you do nothing you will remain an absent class member. A Lead Plaintiff is a representative party that acts to safeguard other class member interests in conducting the litigation. Your entitlement to any recovery is not, however, affected by the decision to be Lead Plaintiff. If you want to discuss the lawsuit, your rights or interests, please contact our San Diego office at 877.493.5366, by fax at 619.238.5425, or by writing Finkelstein & Krinsk LLP, 501 West Broadway, Suite 1250, San Diego, CA, 92101, or via email at fk@classactionlaw.com.
Finkelstein & Krinsk LLP
CONTACT: Finkelstein & Krinsk LLP, +1-619-238-1333, fax,
+1-619-238-5425, fk@classactionlaw.com
