Toyota Motor (TM) Admits to Mishandling Safety Tests, Faces Securities Class Action – Hagens Berman
SAN FRANCISCO, Aug. 13, 2024 (GLOBE NEWSWIRE) — Hagens Berman urges Toyota Motor Corporation (NYSE: TM) investors who suffered substantial losses to take action now by submitting your losses here.
Class Period: June 23, 2022 – June 2, 2024
Lead Plaintiff Deadline: Aug. 23, 2024
Visit: www.hbsslaw.com/investor-fraud/tm
Contact the Firm Now: [email protected] | 844-916-0895
Class Action Lawsuit Against Toyota Motor Corporation (NYSE: TM):
The litigation is focused on the truthfulness of Toyota’s past statements concerning certification of its cars, including those manufactured by its majority-owned Hino Motors Ltd. and by its consolidated subsidiary Daihatsu Motor Co. Ltd.
More specifically, on June 23, 2022, Toyota highlighted the importance of maintaining its brand image and disclosed that Hino had “identified past misconduct in relation to its applications for certification concerning the emissions and fuel economy performance of certain of its engines for the Japanese market.” Then, on June 30, 2023, Toyota revealed that Daihatsu identified “misconduct in relation to its applications for certification concerning safety tests of certain of its vehicles for the overseas market.”
Toyota assured investors that it was working to rectify these and other matters on a company-wide level.
The complaint alleges that Toyota made false and misleading statements and failed to disclose that it understated its malfeasance relating to certification of its cars and issues relating to overall legal compliance.
The true scope of Toyota’s malfeasance became clear to investors on June 3, 2024, when the company announced its results of an investigation into model certification applications (ordered by Japan’s Ministry of Land, Infrastructure, Transport and Tourism) and revealed that seven of its models were tested using methods that differed from government standards.
This news drove the price of Toyota American Depositary Shares significantly lower on June 3, 2024.
“Our investigation centers on the extent to which Toyota may have intentionally concealed the true scope of problems in its certification processes,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Toyota and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now.
If you’d like more information and answers to frequently asked questions about the Toyota case and our investigation, read more.
Whistleblowers: Persons with non-public information regarding Toyota should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
