Toyota Shareholders Sue Over Fallen Stock Price

[Omaha Steve]

Source: ABC-AP

By CURT ANDERSON AP Legal Affairs Writer

Toyota shareholders incensed over a sudden drop in the Japanese automaker's stock price are heading to court with lawsuits claiming company executives deliberately misled investors and the public about the depth of accelerator problems in millions of its vehicles.

At least three proposed class-action lawsuits filed by Toyota investors say the company gave false initial assurances that the sudden acceleration problem was a simple matter of floor mats trapping gas pedals, helping prop up the stock price.

The shareholder cases are part of an avalanche of potentially costly lawsuits against Toyota over the acceleration issue, including those filed by crash victims and their families and those brought by Toyota owners contending their vehicles are worth far less because of the recalls.

The investor lawsuits say Toyota spread misleading information through press releases, conference calls with stock analysts and TV interviews to assure stockholders and the public that the accelerator problem was easily fixed or might be the driver's fault.

FULL 4 page story at link.



Read more: http://abcnews.go.com/Business/wireStory?id=10161911

[gmoney]

1. Oy, what a feeling, to own a Toyota!

[Walk away]

2. Well, that should help their stock prices rise...

:sarcasm:

Whatever anyone thinks about Toyota and what is happening, isn't it a bit like cutting off your nose to spite your face to sue them when you own their stock?

[Dappleganger]

3. They are in deep deep deep

deep doodoo, now.

[LiberalFighter]

4. Didn't they know it is their fidicuary duty to lie?

[elfin]

5. But the stock has gone UP since the first reports of problems

I know - I had some and dumped it at 72, and have watched the ticker in disbelief since then. Yesterday it closed over 79.

[pitohui]

8. yah that's what i thought too elfin EOM

/

[madrchsod]

6. hell has no fury like a stockholder who`s losing money

maybe the toyota engineers can figure out how to put a real throttle cable on the engine...:rofl:

[boomerbust]

7. Heres a little advice

Sell all Toyota stock and buy Ford stock. No brainer.

[pitohui]

9. the stock doesn't seem to have actually fallen

that's what's so weird abt this story

[boomerbust]

10. No it hasn't

It dropped only a few dollaers from its high during the crisis. Ford still has some big time upside to realise even though Ford stock has risen 500% in the last 18 months.

[harmonicon]

11. boo hoo

Fucking idiots - guess what, stocks don't always go up and the companies you own stock in don't always do what you'd want.

[howaboutme]

12. Just a generic comment

not necessarily on Toyota.

I firmly believe in the right and need to sue (as it keeps corporations honest), but the few times I've been involved in a shareholder class action lawsuit (as a shareholder), the attorneys have always walked away with substantial gold, while shareholders get something almost worthless like a coupon to buy a single share of stock for $5 off. Once you sign up for the class action, then the attorneys are on the easy street gravy train. The company ends up paying, the shares go down further and the shareholders get it again in the ear. Instead of civil law suits that only hurt shareholders, the criminal justice system needs to go after the execs for fraud and send them to prison and have them replaced.