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.