Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against Toshiba Corporation
NEW YORK, June 5, 2015 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers (the "Class") of securities of Toshiba Corporation ("Toshiba" or the "Company") (OTC: TOSYY and TOSBF) during the period of May 8, 2012 and May 7, 2015 (the "Class Period") alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
The Complaint alleges that the Company misled investors by making materially false and misleading statements and omissions regarding Toshiba's financial performance, business prospects, and true financial condition.
On May 8, 2015, Toshiba disclosed that, in the course of an investigation, a Special Investigation Committee had identified several instances in which the Company used a percentage-of-completion method of accounting, wherein contract costs for certain infrastructure projects were undervalued and contract losses (including provisions for contract loss) were recorded in an untimely manner. Further, the Company announced that an Independent Investigation Committee, consisting of legal and accounting experts, would be proceeding with the investigation. Based on the results of this investigation, there was a possibility that the Company's financial statements for fiscal year 2013 or earlier would be corrected and that its financial results for the fiscal year 2014 would be impacted.
On this news, Toshiba's stock price fell $5.75 per share, or over 23% over the next two days to close at $18.33 per share on May 11, 2015.
Plaintiffs seek to recover damages on behalf of all Class members who purchased shares of Toshiba during the Class Period. If you purchased Toshiba securities as described above, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than August 3, 2015.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Toshiba shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs' firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Central District of California.
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SOURCE Bernstein Liebhard LLP
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