Toyota Hit With Shareholder Class Action Over Recalls

Law360, New York (February 10, 2010, 6:49 PM EST) -- A Toyota Motor Corp. shareholder has filed a proposed class action alleging the troubled Japanese carmaker inflated its stock price by failing to tell investors about problems that led to massive vehicle recalls.

Harry Stackhouse filed the suit Monday in the U.S. District Court for the Central District of California, where Toyota is already facing consumer class actions over problems with sudden acceleration in certain vehicles.

The shareholder suit claims investors who bought securities in Toyota between Aug. 4, 2009, and Feb. 2, 2010, are entitled...
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