Toshiba Corporation : American Depository Shares Securities Litigation
On or around 01/28/2020 (Date of last review)
Filing Date: June 04, 2015
According to the law firm press release, the lawsuit alleges defendants during the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the total amounts of contract costs for certain infrastructure projects were underestimated; (2) the timing in which such contract losses and provisions for contract losses were recorded was improper; and (3) as a result of the foregoing, Toshiba’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On May 20, 2016, the Court issued an Order granting Defendant's Motion to Dismiss with prejudice. On July 25, Plaintiffs filed a Notice appealing the Court's Dismissal Order. On July 17, 2018, the Court of Appeals issued a memorandum reversing the decision of the District Court and remanding for proceedings consistent with their opinion. On August 8, the Court of Appeals granted Defendant's motion for stay of the issuance of the Court of Appeal's mandate pending the filing of the petition of writ of certiorari in the Supreme Court. On June 25, 2019, the petition for a writ of certiorari was denied. On July 8, the Court issued an Order reopening the case. Plaintiffs were given leave to amend the Complaint. On August 8, Plaintiffs filed a second amended and consolidated Complaint. Defendant filed a Motion to Dismiss the second amended and consolidated Complaint on September 19. On January 28, 2020, the Court issued an Order denying Defendant's Motion to Dismiss.
Company & Securities Information
Defendant: Toshiba Corporation
Industry: Electronic Instruments & Controls
Ticker Symbol: TOSYY
Company Market: OTC-BB
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.
First Identified Complaint
Mark Stoyas, et al. v. Toshiba Corporation, et al.