Published: March 17, 2010
Murray, Frank & Sailer LLP Files Securities Class Action Lawsuit Against Toyota Motor Corporation
NEW YORK - (BUSINESS WIRE) - 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 newcase@murrayfrank.com.
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 Frank
212-682-1818
800-497-8076
newcase@murrayfrank.com
www.murrayfrank.com
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