Toyota Motor Corporation Securities Class Action Filed By Murray, Frank & Sailer LLP
NEW YORK (BUSINESSWIRE) -- Murray, Frank & Sailer LLP has filed a class action complaint in the United States District Court for the Central District of California (Case No. 10 Civ. 1911) on behalf of all individuals and institutions who purchased Toyota Motor Corporation ("Toyota" or the "Company") publicly traded securities during the period between December 22, 2006 and February 2, 2010 (the "Class Period"). Toyota American Depositary Shares ("ADSs") (NYSE:TM), as well as Toyota common stock, which trades on the Tokyo Stock Exchange, are included in this case. The complaint seeks damages for violations of the Securities Exchange Act of 1934.
If you are a member of the class described above, you may move the Court, not later than April 9, 2010, to serve as Lead Plaintiff for the Class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you purchased Toyota securities and wish to discuss this litigation, or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Gregory Frank at (800) 497-8076, (212) 682-1818, or via email at [email protected]
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, its business, and its outlook. Specifically, defendants failed to disclose ongoing safety issues and quality control problems with Toyota's automobiles, especially the fact that accelerator pedals installed in many of Toyota's cars were defective and could become stuck in the depressed position, leading to unintended acceleration. As a result of defendants' false statements, Toyota's securities traded at artificially inflated prices during the Class Period.
The safety and quality problems that Toyota was experiencing were partially disclosed several times during the class period. Finally, on February 2, 2010, after the market closed, Toyota reported that its U.S. sales for January 2010 had dropped by 16% from a year ago due to the recall and subsequent sales suspension of its most popular models. As a result of this news, Toyota's ADSs fell $4.69 per share, closing at $73.49 per share on February 3, 2010, for a decline of 6%. Toyota's common stock also dropped approximately 6%.
Murray, Frank & Sailer LLP
Gregory A. Frank