Pomerantz Haudek Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") has filed a class action lawsuit in the United States District Court, Central District of California, against Toyota Motor Corporation ("Toyota" or the "Company") (NYSE:TM) and certain of its top officers and directors. The class action (10-CV-1429) was filed on behalf of persons who purchased or otherwise acquired the publicly traded securities on either the United States stock exchanges or any non-United States stock exchanges, including, but not limited to, American Depositary Shares ("ADSs") and common stock. The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder.
Currently, class action complaints have been filed in federal courts in California and New York with the longest operative Class Period of December 22, 2006 through February 2, 2010.
Toyota engages in the design, manufacture, assembly and sale of passenger cars, minivans, and trucks and related parts and accessories. The Complaint alleges that throughout the Class Period, Defendants issued materially false and misleading statements regarding the Company's operations and its business and financial results and outlook. Defendants also misled investors by failing to disclose that there was a major design defect in Toyota's acceleration system, which could cause unintended acceleration. As a result of Defendants' false statements, Toyota's securities traded at artificially inflated prices during the Class Period. After revelations of the potential design defect in the acceleration system and a subsequent revelation of potential brake problems in the Company's 2010 model year Prius hybrid, the price of the Company's ADSs declined significantly from its Class Period high.
If you are a shareholder who purchased the securities of Toyota during the Class Period, you have until April 9, 2010 to ask the Court to appoint you as lead plaintiff for the class. Shareholders outside the United States may join the action, regardless of where they live or which exchange was used to purchase the securities. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Teresa L. Webb at (tlwebb@pomlaw.com) or 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and Burlingame, California, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. More than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
CONTACT: Pomerantz Haudek Grossman & Gross LLP
Teresa Webb
(888) 476.6529
(888) 4.POMLAW
tlwebb@pomlaw.com