Investor Notice: Investigation On Behalf of Investors in Toyota Motors Corp. ADS
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INVESTOR NOTICE: Former Attorney General of Louisiana and KSF Announce Investigation On Behalf of Investors in Toyota Motors Corp. ADS
NEW ORLEANS, Feb. 1, 2010 -- TM – Former LA Attorney General, Charles Foti and New Orleans based law firm Kahn Swick & Foti, LLC announce that they have commenced an investigation on behalf of shareholders of Toyota Motors Corp. ADS ("Toyota" or the "Company") (NYSE:TM-News) to determine whether it has violated federal securities laws by issuing false and misleading statements to its shareholders related to the design defects in its automotive acceleration system.
During the period from July 23, 2009 to January 29, 2010, Toyota allegedly failed to disclose that there was a major design defect in its automotive acceleration system, and downplayed the material significance of the design problems to the car buying public and to the Company's shareholders. During that time, Toyota blamed the defect on faulty floor mats and other less significant factors. It was not until January 26 that Toyota finally revealed that the defects were so severe and were so difficult to remediate that the Company was halting the sale and production of at least eight (8) automotive models. As a direct result of the announcement of the production halt and recall of millions of previously sold vehicles, Toyota's shares plunged $7.01 to close at $79.77. Soon thereafter, when additional European recalls were announced, the stock fell to as low as $76.50 per share.
If you have information that might assist KSF in its investigation of Toyota or would like to discuss your legal rights, you may e-mail or call KSF, without obligation or cost to you. You may contact Managing Partner Lewis Kahn of KSF today via cell phone at 504-301-7900, or during work hours, direct, toll free 1-866-467-1400, ext. 100, or by email at lewis.kahn@ksfcounsel.com. KSF focuses its practice on securities fraud litigation, and the firm's lawyers have significant experience working on securities fraud cases that have resulted in significant recoveries for shareholders.