Case Page

 

Case Status:    SETTLED
On or around 04/16/2014 (Other)

Filing Date: February 08, 2010

According to a press release dated February 08, 2010, the complaint alleges that during the Class Period, defendants issued 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. As a result of defendants’ false statements, Toyota’s securities traded at artificially inflated prices during the Class Period, reaching a high of $91.78 per ADS on January 19, 2010.

On January 21, 2010, Toyota announced it would be recalling 2.3 million Toyota brand vehicles in North America because of problems with the accelerator pedal sticking. On February 2, 2010, after the market closed, Toyota 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. Toyota’s common stock also dropped approximately 6%.

On August 02, 2010, Maryland State Retirement and Pension System was appointed Lead Plaintiff and Bernstein Litowitz Berger & Grossman LLP was appointed Lead Plaintiff’s Counsel for the putative Class.

On October 04, 2010, the lead plaintiffs filed a Consolidated Class Action Complaint against the Defendants.

On November 13, 2011, a Stipulation of Settlement was entered into by the parties.

On January 3, 2013, the Court issued an Order preliminarily approving the settlement.

On March 15, 2013, the Court issued an Order approving the Plan of Allocation of the Settlement. The Court then followed by issuing the Final Judgment and ordering this case dismissed with prejudice.

On March 19, 2013, the Court issued an Order awarding attorneys' fees and expenses.

On April 8, 2013, a class member gave Notice of an appeal of the above March 15 and March 19 Orders. On May 3, the Court of Appeals issued an Order granting the appellant's motion for voluntary dismissal.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Auto & Truck Manufacturers
Headquarters: Japan

SECURITIES INFORMATION:

Ticker Symbol: TM
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 10-CV-00922
JUDGE: Hon. Dale S Fischer
DATE FILED: 02/08/2010
CLASS PERIOD START: 08/04/2009
CLASS PERIOD END: 02/02/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
  2. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 10-CV-00922
JUDGE: Hon. Dale S Fischer
DATE FILED: 10/04/2010
CLASS PERIOD START: 05/10/2005
CLASS PERIOD END: 02/02/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (Former New York), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Bernstein Litowitz Berger & Grossmann LLP (San Diego)
    12481 High Bluff Drive, Suite 300, Bernstein Litowitz Berger & Grossmann LLP (San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
No Document Title Filing Date