Litigation

Kendall Law Group Files Shareholder Class Action Lawsuit Against Toyota Motor Corp.

DALLAS — Kendall Law Group announced Feb. 11 that it has filed a class action lawsuit in the U.S. District Court for the Central District of California on behalf of shareholders who have suffered a loss in Toyota Motor Corp. American Depository Shares.

The complaint alleges violations of the securities laws affecting stock purchased between Aug. 4, 2009, and Feb. 2, 2010.

Shareholders who purchased American Depository Shares of Toyota during this time period may move the court to serve as a plaintiff in this class action April 9, 2010.

On Feb. 8, a class action complaint was filed alleging that Toyota, certain affiliates and certain officers and directors misled investors when they failed to disclose a major design defect in the acceleration system in several models of their vehicles. Due to the allegedly false and misleading statements, Toyota stock traded at artificially inflated prices during the relevant period.

Toyota announced on Jan. 21 that it would be recalling 2.3 million vehicles in North America because of problems with the accelerator pedal sticking. After the market closed on Feb. 2, Toyota reported a 16 percent drop in sales for January 2010 because of the recall and suspension of sales of the most popular models. Before the market opened on the Feb. 3, Toyota announced that there were reports of brake problems in the 2010 Prius hybrid. In response to this news, Toyota American Depository Shares dropped $4.69 per share, and Toyota common stock fell 6 percent.

Kendall Law Group includes a former state and federal judge, a former U.S. attorney, and experienced securities lawyers.