Toyota Auto Accident Attorney News: Toyota Investors Cry Foul Over Recall Issues
As Toyota battles a souring reputation, government and consumer groups are assessing company response timelines regarding safety issues in newer vehicles. Executives are facing tough criticism and questions about what they knew about sudden acceleration, and when.
Now, a new group is jumping into the fray: Toyota’s investors. They say they were given “false assurances” when the company indicated floor mats were behind the problems of faulty acceleration in a wide range of Toyota vehicles.
When drivers started reporting that their vehicles were accelerating in strange ways, the initial Toyota recall named floor mats as the problem. A later recall focused on a “sticky brake pedal,” and the company offered to install a reinforced pedal design. Toyota has now recalled more than six million of its vehicles, the bulk of them for issues of sudden or unintended acceleration, and though the company continues to insist that electronic throttle systems are not behind the reports of out of control cars, some consumers are not convinced.
A group of Toyota shareholders represented in a class action against the company claims Toyota simply buried the real issues behind faulty acceleration to prop up their stock price. The investors cite a 13% drop in market capitalization since late January and a decline in Toyota shares of roughly 17%. Stockholders who saw these drops are bringing a case against Toyota to counter their financial losses based on past cases where investors have been able to claim that inside information was withheld, causing enrichment for a few shareholders at the expense of many others.
The new suits by investors add to the many current lawsuits by Toyota owners who are suing over the values of their cars and trucks. With over 43 reported fatalities related to recalled Toyotas according to mainstream media sources, there will be many suits against the automaker for injuries and fatalities. Being on the road behind the wheel of an out of control car can be a harrowing experience. Though some claim simple actions can bring the cars back under control, in some cases, the distraction and fear caused by sudden acceleration has led to unfortunate accidents.
If you or someone in your family has been injured in an accident involving a recalled Toyota, call the offices of James O. Cunningham, an experienced Toyota auto recall accident lawyer with a professional staff and knowledge of how to build a Toyota personal injury case. Call locally at 407-425-2000 or toll free at 888-425-2004 and get speedy, professional and attentive responses for your case.
