Judge Trims Claims In Investor Suit Over Toyota Recalls

Law360, New York (July 7, 2011, 10:37 PM EDT) -- A federal judge in California on Thursday trimmed a putative class action accusing Toyota Motor Corp. of inflating its stock price by concealing a brake defect, ruling that the plaintiffs did not sufficiently show Toyota was knowingly violating laws or regulations.

U.S. District Judge Dale S. Fischer partly granted Toyota's motion to dismiss the case, tossing claims related to all but seven of the 33 company statements referenced in the complaint. The plaintiffs had failed to demonstrate scienter with regard to several of the statements and...
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