Lawyers for shareholders of Toyota Motor Corp. who suffered losses tied to massive recalls and claims of sudden acceleration of its vehicles have filed a consolidated complaint invoking Japanese securities laws against the company and several of its officers and directors.
The consolidated complaint, filed on Tuesday in federal court in Los Angeles, alleges that Toyota issued false and misleading statements in conference calls with investors, filings with the U.S. Securities and Exchange Commission and in interviews with the press — all of which caused its shares to be artificially inflated.
