Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Toshiba Corporation To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Toshiba Corporation (“Toshiba” or the “Company”) (OTC:TOSYY, TOSBF) of the August 3, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
Filed in U.S. District Court for the Central District of California, the complaint alleges that the Company and its executives violated federal securities laws by failing to correctly disclose the total amounts of costs for certain infrastructure projects initiated or carried out between May 8, 2012 and May 7, 2015 (the “Class Period”).
On April 3, 2015, Toshiba announced that 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 and actual or potential contract losses were undervalued. As a result of this news, shares of TOSYY fell $1.23 per share, or over 4%, to close at $24.56 per share on April 6, 2015, and shares of TOSBF fell $0.16 per share or over 3% to close at $4.13 per share on April 6, 2015.
Further, on May 8, 2015, the Company announced that another investigation committee would be created to continue looking at underestimated project costs. After 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.
If you invested in Toshiba stock or options between May 8, 2012 and May 7, 2015 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Toshiba’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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