SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Honda Motor Co., Ltd. (NYSE: HMC) American Depositary Shares (“ADSs”) between June 20, 2018 and September 28, 2022, inclusive (the “Class Period”) have until April 3, 2023 to seek appointment as lead plaintiff in the Honda class action lawsuit. Captioned Baylor v. Honda Motor Co., Ltd., No. 23-cv-00794 (C.D. Cal.), the Honda class action lawsuit charges Honda, Honda’s North American-based subsidiary American Honda Motor Company, Inc. (“American Honda”), as well as certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Honda class action lawsuit, please provide your information here:
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CASE ALLEGATIONS: Honda is a multinational conglomerate manufacturer of automobiles, motorcycles, and power equipment. Certain of Honda’s vehicles include a so-called “Idle Stop” engine feature, purportedly designed to enhance fuel efficiency.
The Honda class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Honda had overstated the safety and effectiveness of the Idle Stop engine feature; (ii) Honda maintained deficient disclosure controls and procedures with respect to product quality and safety; (iii) as a result of the foregoing deficiencies, Honda failed to prevent American Honda from marketing and selling thousands of vehicles that contained a defective Idle Stop feature; and (iv) the foregoing conduct subjected Honda and/or its subsidiaries to a heightened risk of litigation, as well as financial and/or reputational harm.
On September 28, 2022, a putative class action lawsuit was filed against American Honda alleging that it sold thousands of vehicles equipped with a flawed Idle Stop feature. The lawsuit alleges that after initially shutting off a vehicle’s engine, the Idle Stop system in the affected vehicles routinely fails to restart the engine as designed, leaving drivers unable to move their vehicles and that American Honda was fully aware of the defect before marketing the vehicles. On this news, Honda’s ADS price fell more than 3%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Honda ADSs during the Class Period to seek appointment as lead plaintiff in the Honda class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Honda class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Honda class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Honda class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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