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.
Plaintiffs filed a Motion for Class Certification on February 19, 2021. On January 7, 2022, the Court issued an Order denying the Motion for Class Certification.