SAN FRANCISCO, June 23, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, advises investors of the August 3, 2015 lead plaintiff deadline in the securities fraud class action lawsuit filed against Toshiba Corporation (OTC: TOSYY, TOSBF) (“Toshiba” or “the Company”) as a result of admitted accounting irregularities. If you have losses in excess of $100,000.00 in TOSYY or TOSBF securities during the Class Period, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing TOSYY@hbsslaw.com or visiting http://hb-securities.com/investigations/TOSYY.
The lawsuit, pending in U.S. District Court for the Central District of California, is filed on behalf of investors who purchased Toshiba securities between May 8, 2012 and May 7, 2015, inclusive, (the “Class Period”) and seeks damages caused by the need to restate profits. The deadline to move for the position of lead plaintiff in the case is August 3, 2015.
On April 3, 2015 Toshiba issued a press release announcing that they were establishing a committee to investigate the accounting of certain infrastructure projects. On this adverse news, shares of TOSYY fell $1.23 per share, or over 4%, from its previous closing price to close at $24.56 per share on April 6, 2015, and shares of TOSBF fell $0.16 per share or over 3% from its previous closing price to close at $4.13 per share on April 6, 2015. Toshiba announced on May 8, 2015 that another, independent investigation committee would be investigating whether certain construction projects were understating costs. Following this announcement, shares of TOSYY fell $5.75 per share, or over 23%, over the next two days to close at $18.33 per share on May 11, 2015 and shares of TOSBF fell $0.88 per share or over 22% over the next two days to close at $3.09 per share on May 11, 2015. The investigation is continuing and the extent of the restatements is yet to be determined, though it is estimated to be about $418 million. The company hasn’t disclosed how many projects are involved in the accounting problems or where they are. Toshiba said it has also found cases where expenses may not have been recorded in the proper period and accounting for the value of inventory may not have been appropriate.
If you were negatively impacted over $100,000 by your investment in Toshiba securities between May 8, 2012 and May 7, 2015, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding Toshiba should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at (510) 725-3000 or email TOSYY@hbsslaw.com.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm headquartered in Seattle, Washington with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm’s Securities Newsletter at http://www.hb-securities.com/newsletter. The firm’s blog is located at www.meaningfuldisclosure.com. For the latest news from Hagens Berman, visit http://www.hbsslaw.com/newsroom or follow us on Twitter at @hagensberman.