ENGLEWOOD CLIFFS, N.J., March 26, 2010 (GLOBE NEWSWIRE) -- Gardy & Notis LLP announces that it has filed a class action complaint in the United States District Court for the Central District of California on behalf of all individuals and institutions who purchased Toyota Motor Corporation ("Toyota" or the "Company") publicly traded securities during the period between May 10, 2005 through February 2, 2010, inclusive (the "Class Period"). Toyota American Depository Shares ("ADSs") (NYSE:TM), as well as Toyota common stock, which trades on the Tokyo Stock Exchange, the London Stock Exchange, the Nagoya Stock Exchange, and several regional exchanges in Japan, are included in this case. The complaint seeks damages for violations of the Securities Exchange Act of 1934.
The complaint names Toyota Motor Corporation, Toyota Motor North America, Inc., Toyota Motor Sales, U.S.A., Inc., and certain officers and directors of these companies as defendants. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's operations, its business, and its outlook. Specifically, defendants failed to disclose ongoing safety issues and quality control problems with Toyota's automobiles, especially the fact that accelerator pedals and electronic throttle controls in many of Toyota's cars were defective and could cause the pedals to become stuck in the depressed position, leading to unintended acceleration. As a result of defendants' false statements, Toyota's securities traded at artificially inflated prices during the Class Period.
The safety and quality problems that Toyota was experiencing were partially disclosed several times during the Class Period. Finally, on February 2, 2010, after the market closed, Toyota reported that its U.S. sales for January 2010 had dropped 16% from a year ago due to the recall and subsequent sales suspension of its most popular models. As a result of this news, Toyota ADSs fell $4.69 per share, closing at $73.49 per share on February 3, 2010, for a decline of 6%. Toyota's common stock also dropped approximately 6%.
If you purchased Toyota securities between May 10, 2005 and February 10, 2010, then you may, no later than April 9, 2010, request that the Court appoint you as lead plaintiff for the class of Toyota investors. Any member of the class may move to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a class member. Plaintiff is represented by Gardy & Notis LLP, a law firm with extensive experience in prosecuting securities fraud class actions on behalf of aggrieved investors.
If you wish to obtain a copy of the complaint or have any questions concerning this lawsuit, please contact Mark Gardy at 201-567-7377 or by email at mgardy@gardylaw.com. You can also obtain more information by visiting our website at www.gardylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca