NEW YORK, June 12, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Toshiba Corporation (“Toshiba” or the “Company”) (OTC:TOSYY) (OTC:TOSBF). The class action, filed in United States District Court for the Central District of California, is on behalf of a class consisting of all persons or entities who purchased Toshiba securities between May 8, 2012 and May 7, 2015 inclusive (the "Class Period").
Wolf Haldenstein encourages all shareholders who suffered losses on common stock purchased within the Class Period to contact us immediately at classmember@whafh.com or (800) 575-0735.
If you purchased Toshiba securities on a U.S. exchange during the Class Period, you may, no later than August 3, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported 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.
The lawsuit alleges that during the Class Period, Defendants mislead investors, and failed to disclose that (1) the total amounts of contract costs for certain infrastructure projects were underestimated; (2) the timing in which such contract losses and provisions for contract losses were recorded was improper; and (3) as a result of the foregoing, Toshiba’s public statements were materially false and misleading at all relevant times.
The truth began to emerge on April 3, 2015 when Toshiba issued a press release announcing that they were establishing a committee to investigate the accounting of certain infrastructure projects. On this adverse news, shares of TOSYY fell $1.23 per share, or over 4%, from its previous closing price to close at $24.56 per share on April 6, 2015, and shares of TOSBF fell $0.16 per share or over 3% from its previous closing price to close at $4.13 per share on April 6, 2015. Toshiba subsequently announced on May 8, 2015 that an additional independent investigation committee would be investigating whether certain construction projects were understating costs. Following this announcement, shares of TOSYY fell $5.75 per share, or over 23%, over the next two days to close at $18.33 per share on May 11, 2015 and shares of TOSBF fell $0.88 per share or over 22% over the next two days to close at $3.09 per share on May 11, 2015.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website www.whafh.com. All e-mail correspondence should make reference to the “Toshiba Investigation.”
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