mail@shareholdersfoundation.com
An investigation on behalf of former and current employees of Toyota Motor Corporation (USA) (Public, NYSE:TM) concerning potential Employee Retirement Income Security Act (“ERISA”) Breach of Fiduciary Duty was announced.
If you a former or current employee or are a member of any of Toyota Motor Corporation’
Email: mail@shareholdersfoundation.com or at: +1 (858) 779 - 1554
Toyota Motor Corporation (ADR) (Public, NYSE:TM) has been accused of securities fraud and according to an investigation by a law firm under ERISA employees (former and current) of Toyota Motor Corporation (Public, NYSE:TM) may be eligible to file a ERISA complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them. On February 08, 2010 an investor in Toyota Motor Corporation (ADR) (Public, NYSE:TM) filed a lawsuit in in the United States District Court for the Central District of California on behalf of purchasers of Toyota Motor Corporation (NYSE:TM) publicly traded securities, including American Depositary Shares (“ADSs”), during the period between August 4, 2009 and February 2, 2010. According to the complaint the plaintiff alleges that Toyota Motor Corporation, certain of its affiliates and certain of their officers and directors violated the Securities Exchange Act of 1934 by issuing between August 4, 2009 and February 2, 2010 materially false and misleading statements regarding the Company’s operations and its business and financial results and outlook. Defendants misled investors by failing to disclose that there was a major design defect in Toyota’s acceleration system, which could cause unintended acceleration and as a result of defendants’ false statements, Toyota’s securities traded at artificially inflated prices during between August 4, 2009 and February 2, 2010, reaching a high of $91.78 per ADS on January 19, 2010, so the lawsuit. Then on January 21, 2010, Toyota Motor Corp. announced it would be recalling over 2 million Toyota brand vehicles in North America because of problems with the accelerator pedal sticking. On February 2, 2010, after the market closed, Toyota Motor Corp. reported that its U.S. sales for January 2010 had dropped by 16% from a year ago due to the recall and subsequent sales suspension of its most popular models. Then, on February 3, 2010, before the market opened, Toyota announced that it had received reports of brake problems in its 2010 model year Prius hybrid. As a result of this news, Toyota’s ADSs fell $4.69 per share, closing at $73.49 per share on February 3, 2010, on high volume, so the lawsuit. Toyota Motor Corporation (ADR) shares traded recently at $73.35 per share, down from its 52weekHigh of $91.97 per share, down from over $110 per share in 2008, and down from over $137 per share in 2007. Even though Toyota Motor Corporation primarily conducts business in the automotive industry, Toyota also conducts business in the finance and other industries. It is organized in three segments: automotive operations, financial services operations and all other operations.
Those who are former or current employees or are members of any of Toyota Motor Corporation’
Email: mail@shareholdersfoundation.com or at: +1 (858) 779 - 1554
Shareholders Foundation, Inc.
Trevor Allen
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mail@shareholdersfoundation.com
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