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 seidman@bernlieb.com.
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