The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Toyota Motor Corporation (“Toyota” or the “Company”) (NYSE: TM) securities during the period of June 23, 2022 to June 2, 2024, inclusive (“the Class Period”). Investors have until August 23, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On June 3, 2024, The New York Times published an article entitled “Toyota and Other Japanese Carmakers Say They Mishandled Safety Tests.” According to the article, “[t]he Japanese authorities had told Toyota and other car companies to conduct investigations into their compliance with national standards for safety and other issues.” Toyota stated that “it had failed to gather proper data when doing pedestrian and occupant safety tests for three models, including its popular Yaris Cross sport utility vehicle,” and that “it would temporarily halt shipments of three of the affected models it produces in Japan.” On the same day, the Associated Press released an article entitled “Toyota apologizes for cheating on vehicle testing and halts production of three models.” On this news, the price of Toyota American Depositary Shares (“ADSs”) declined by $5.34 per ADS, to close at $212.17 per ADS on June 3, 2024.
The lawsuit alleges that Toyota throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that Toyota understated its malfeasance relating to certification of its cars and issues relating to overall legal compliance.
If you purchased or otherwise acquired Toyota securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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