Skip to comments.Toyota sued in California by U.S. shareholders
Posted on 02/08/2010 8:54:34 PM PST by NormsRevenge
LOS ANGELES (Reuters) Toyota faced its first U.S. class-action lawsuits stemming from complaints of faulty brakes in its top-selling Prius hybrid car and from investors claiming they were misled about problems with unintended acceleration in a wide range of models.
Litigation mounted as the Japanese automaker prepared to follow global recalls of some 8 million vehicles for repairs to ill-fitting floor mats and sticking gas pedals with yet another recall to deal with braking problems in the new Prius model.
A class-action suit filed on Monday on behalf of U.S. shareholders accuses Toyota Motor Corp of issuing "materially false and misleading statements" about its "operations, its business and financial results and outlook."
The 42-page suit, filed in U.S. District Court in Los Angeles, said the car company "misled investors by failing to disclose that there was a major design defect in Toyota's acceleration system, which could cause unintended acceleration."
The suit covers buyers of publicly traded Toyota stock, including American Depositary Shares, between August 4, 2009, and February 2, 2010.
"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," the suit states.
Toyota's American Depositary Receipt closed Monday at $72.85, down 2.5 percent.
The following day, share prices fell on word from Toyota that it had received reports of brake problems in its 2010 Prius, an issue that sparked a class-action suit in Los Angeles County Superior Court on Friday.
It seeks unspecified monetary damages and a court order requiring repairs to a braking defect that the named plaintiff, Elaine Miller, says makes driving her Prius dangerous.
(Excerpt) Read more at news.yahoo.com ...
The shakedown continues.
If sufficiency starved, the body will mobilize **muscle tissue** as a source of energy.
In these class action suits a little group of lawyers gets filthy rich (or richer) and John Q. Public gets a Starbucks coupon.
Maybe they should sue the federal government? How goofy is this. LOL
is this zen or sumfin?
This Obama and the UAW destroying Toyota to get the UAW in non-union transplant factories. They destroyed GM and Chrysler and now Toyota is next.
I doubt there is anything wrong with any Toyota or Lexus and I do not like their cars - mainly because many of their owners are Lib AH’s.
There are actually things wrong with them. In this case the liberals are actually right about there being problems.
However, that’s all they’re right about. :P
I mean...I do NOT believe that all or even most of the current legalo-regulatory attack on Toyota centers on safety issues. There are there, to be sure, but California is a liberal cash junky facing a fleeing tax-base --1,000 families leave California every day, while illegals pour in.
Something --preferably some non-union thing-- must feed that cash monkey. And so the new tobacco company saga is Toyota or any other non-union automobile manufacturer.
Remember what Obama plainly said about coal companies? He's going to do that to Toyota.
Essentially they're cutting into muscle tissue from their own state body in order to continue the feast, nothing more.
Can’t fight the city hall
what bizzare times
I should append what I said —the human body has a priority system, and usually muscle breakdown occurs only after fat stores are substantially depleted.
What we have here is considerably worse —the government has elected to first preserve alllllll manner of fat, while turning the turkey axe onto a vibrant, productive sector in the state.
This stands as a measure of their addiction to high budgets and hostility to non-union jobs —POLITICALY “UNRELIABLE” PEOPLE.
“The shakedown continues.”
The instigators of the suit would have us believe that if Toyota had simply announced, ahead of any media attention, that due to an identified mechanical issue in a number of Toyota models that it was mounting a worldwide repair recall of 8 million vehicles THAT TOYOTA STOCK WOULD NOT HAVE GONE DOWN ANYWAY!!!!!!!!!! Nonsense.
Yes, there are things wrong with them!
Apparently Toyota knew about problems with the 2004 Sienna vans, fixed the ones in production, but let thousands of owners who had already purchased the vans drive faulty, dangerous vehicles until forced to do a recall. This is a terrible, callous attitude towards their customers!
Ford paid a heavy price when they did the same thing back in the 70’s with exploding Pintos. Toyota should be no different.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.