SOURCE: Izard Nobel LLP

February 09, 2010 17:14 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Toyota Motor Corporation

WEST HARTFORD, CT--(Marketwire - February 9, 2010) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of purchasers of the American Depository Shares ("ADSs") of Toyota Motor Corporation ("Toyota" or the "Company") (NYSE: TM) between August 4, 2009 and February 2, 2010, inclusive (the "Class Period").

The Complaint charges that Toyota, certain of its affiliates and certain of their officers and executives violated federal securities laws. Specifically, defendants misled investors by failing to disclose that there was a major design defect in Toyota's acceleration system, which could cause unintended acceleration.

On January 21, 2010, Toyota announced it would be recalling 2.3 million Toyota brand vehicles in North America because of problems with the accelerator pedal sticking. On February 2, 2010, after the market closed, Toyota reported that its U.S. sales for January 2010 had dropped by 16% from a year ago due to the recall and subsequent sales suspension of its most popular models. Then, on February 3, 2010, before the market opened, Toyota announced that it had received reports of brake problems in its 2010 model year Prius hybrid. On this news, Toyota's ADSs fell $4.69 per share, closing at $73.49 per share on February 3, 2010.

If you are a member of the class, you may, no later than April 9, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/toyota/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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