LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the class action on behalf of investors of Toshiba Corporation (“Toshiba” or the “Company”) (OTC: TOSYY) (OTC: TOSBF) who purchased securities between May 8, 2012 and May 7, 2015, inclusive (the “Class Period”). Investors have until August 3, 2015 to file a motion to be appointed as a lead plaintiff in this class action lawsuit.
On May 8, 2015, the Company announced that it is withdrawing its earnings forecasts and will not pay a year-end dividend after finding improper accounting on infrastructure projects. The Company also announced that an independent committee has been formed to investigate the accounting problems. On this news the Company’s shares declined sharply in value.
The Complaint alleges that Toshiba committed securities fraud by misleading investors regarding the total amounts of costs for certain infrastructure projects; thereby manipulating the profits and losses for these infrastructure projects as well as misguiding investors regarding the timing in which such contract losses and provisions for contract losses were recorded; as a result, Toshiba’s financial statements were materially false and misleading at all relevant times. The Complaint seeks to recover the damages caused to investors by the sharp decline in the stock price.
If you purchased Toshiba shares prior to May 8, 2015, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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