Posts Tagged ‘Toyota’

Kendall Law Group Plans Shareholder Class Action Lawsuit against Toyota Motor Corporation

Thursday, February 11th, 2010

(DALLAS) Shareholders who have suffered a loss in Toyota Motor Corporation (NYSE:TM) American Depository Shares are encouraged to contact Kendall Law Group regarding a class action filed in the Central District of California. The complaint alleges violations of the securities laws affecting stock purchased between August 4, 2009 and February 2, 2010. To contribute information or for advice on your rights as a shareholder, contact a firm with substantial experience representing investors in securities lawsuits nationwide at 877-744-3728 or by email at hlindley@kendalllawgroup.com.

Shareholders who purchased American Depository Shares of Toyota during this time period may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by April 9, 2010. A lead plaintiff acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff. Any member of the class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

On February 8, 2010, a class action complaint was filed alleging that Toyota, certain affiliates and certain officers and directors misled investors when they failed a major design defect in the acceleration system in several models of their vehicles. Due to the false and misleading statements, Toyota stock traded at artificially inflated prices during the relevant period.

Toyota announced on January 21, 2010 that it would be recalling 2.3 million vehicles in North America due to problems with the accelerator pedal sticking. After the market closed on February 2, 2010 Toyota reported a 16% drop in sales for January 2010 due to the recall and suspension of sales of the most popular models. Before the market opened on the 3rd, Toyota announced that there were reports of brake problems in the 2010 Prius hybrid. In response to this news, Toyota American Depository Shares dropped $4.69 per share, and Toyota common stock fell 6%.

Kendall Law Group, a national securities firm that gives shareholders power when big businesses break the law, includes a former state and federal judge, a former United States Attorney, and experienced securities lawyers.

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Shareholders Updated About Investigation of Toyota Motor Corporation by Former Federal Judge

Tuesday, February 2nd, 2010

Kendall Law Group, led by a former federal judge, updates shareholders of its investigation for potential securities law violations of Toyota Motor Corporation (NYSE: TM). As a result of the recent recall announcements, Toyota stock plummeted 14 percent, wiping out $21 billion in market value in just one week.

From July 23, 2009 to January 29, 2010, Toyota failed to disclose that there was a major design defect in its acceleration system. Instead, the company blamed the problem on faulty floor mats. It was not until January 26 that Toyota finally revealed that it was immediately halting the sale and production of eight models because of the acceleration system defect. As a result of this announcement, Toyota’s shares plunged $7.01 to close at $79.77. When further European recalls were announced, the stock fell to $77.00 per share.

Former federal Judge Joe Kendall stated “While Toyota has found a solution to repair the recalled vehicles, we are still concerned about the damage to the reputation of Toyota that continues to affect stock prices.” Today, the executive in charge of quality control, Shinichi Sasaki, told reporters in Japan that Toyota expects slow sales in January as a result of the recall and that the scale of the recall “was a cause for worry.” He also stated that Toyota’s main concern was regaining the trust of their customers.

If you have any information about this issue or questions concerning your Toyota stock, you may contact attorney Hamilton Lindley at 877-744-3728 or by email at hlindley@kendalllawgroup.com. Kendall Law Group is led by a former federal judge experienced in recovering millions for defrauded shareholders. The firm includes a former United States Attorney, state judge, prosecutors, and securities lawyers who are experienced in complex securities litigation.

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Kendall Law Group Launches Investigation for Shareholders of Toyota Motor Corporation

Tuesday, February 2nd, 2010

Kendall Law Group is investigating potential securities law violations for shareholders of Toyota Motor Corporation (NYSE: TM). The stock affected by the potential violations was purchased from August 4, 2009 to January 29, 2010.

During the above time period, Toyota failed to disclose that there was a major design defect in its acceleration system. Instead, the company blamed the defect on faulty floor mats. It was not until January 26 that Toyota finally revealed that it was immediately halting the sale and production of eight models because of the acceleration system defect. As a result of this announcement, Toyota’s shares plunged $7.01 to close at $79.77. When further European recalls were announced, the stock fell to $77.00 per share.

Kendall Law Group is led by a former federal judge experienced in recovering millions for defrauded shareholders. The firm includes a former United States Attorney, prosecutors, federal judicial law clerks, and securities lawyers who are experienced in complex securities litigation. If you have any information about this issue or questions concerning your Toyota stock purchased between August 4, 2009 and January 29, 2010, you may contact attorney Hamilton Lindley at 877-744-3728 or by email at hlindley@kendalllawgroup.com.

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