Toyota Motor Corporation

On June 3, 2024, The New York Times reported that "Toyota [. . .] and other top Japanese automakers [acknowledged] that internal investigations found they had mishandled vehicle testing on dozens of models over the past decade." Additionally, the article stated that Toyota “had failed to gather proper data when doing pedestrian and occupant safety tests for three models, including its popular Yaris Cross sport utility vehicle."

On this news, Toyota’s stock price fell $5.34, or 2.5%, to close at $212.17 per share on June 3, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Toyota understated its malfeasance relating to certification of its cars and issues relating to overall legal compliance; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.