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Toshiba Corporation (USA) (OTC: TOSYY, OTC: TOSBF) Investor Securities Class Action Lawsuit 06/04/2015

  • If you purchased shares of Toshiba Corporation (USA) (OTC: TOSYY, OTC: TOSBF), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Toshiba Corp
Security
OTC: TOSYY

Case Name
Toshiba Shareholder Class Action Lawsuit 06/04/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

May 20, 2016 - The court granted defendants' motion to dismiss with prejudice.
February 1, 2016 - Defendants filed a motion to dismiss.

December 17, 2015 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Toshiba Corporation (USA) (OTC: TOSYY, OTC: TOSBF) common shares between May 8, 2012 and November 12, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 8, 2012 and November 12, 2015.

September 4, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

August 3, 2015 - Lead plaintiff motions were filed.

June 4, 2015 - An investor in shares of Toshiba Corporation (USA) (OTC: TOSYY, OTC: TOSBF) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Toshiba Corporation in connection with certain allegedly false and misleading statements made between May 8, 2012 and May 7, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Toshiba Corporation (USA) (OTC: TOSYY, OTC: TOSBF) common shares between May 8, 2012 and May 7, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 8, 2012 and May 7, 2015 defendants made allegedly false and/or misleading statements and/or failed to disclose that the total amounts of contract costs for certain infrastructure projects were underestimated, that the timing in which such contract losses and provisions for contract losses were recorded was improper, and that as a result of the foregoing, Toshiba Corporation’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Shares of Toshiba Corporation (USA) (OTC: TOSYY) traded in 2013 as high as $32.91 per share. Toshiba Corporation reported that its Total Revenue rose from over $45.89 billion for the 12 months period that ended on March 31, 2013 to over $52.1 billion for the 12 months period that ended on March 31, 2014 and that its respective Net Income declined from $619.96 million to $407.28 million.

Then on May 8, 2015, Toshiba Corporation announced in three separate announcements that it established an independent investigation committee, that it revised its previous forecast for the full year business results of the company for itds FY 2014, and that it decided not to pay a dividend with respect to the record date of March 31, 2015. Shares of Toshiba Corporation (USA) (OTC: TOSYY) declined on May 11, 2015 to as low as $16.90 per share.