| Company: | Toyota Motor Corporation |
| Ticker Symbol: | TM |
| Class Period: | Dec-22-06 to Feb-2-10 |
| Date Filed: | Mar-17-10 |
| Lead Plaintiff Deadline: | May-16-10 |
| Court: | Central District of Californi |
| Allegations: | |
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%.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
