DALLAS--(BUSINESS WIRE)--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 firstname.lastname@example.org.
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 allegedly 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.