Toyota Motor (TM)

[Pro-Life]

Against Toyota - Law Offices of Howard G. Smith Announces Investigation of Potential ERISA Violations on Behalf of Current and Former Employees of Toyota Motor Corporation Who Invested in the Company's 401(k) Retirement Plan

http://finance.yahoo.com/news/Law-Offices-of-Howard-G-Smith-bw-2735368377.html?x=0

Press Release Source: Law Offices of Howard G. Smith On Wednesday February 17, 2010, 1:53 am EST
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims against Toyota Motor Corporation (“Toyota” or the “Company”) (NYSE:TM) concerning whether the Company’s 401(k) defined contribution retirement plan (the “Plan”) imprudently invested in Toyota stock and whether the Plan’s administrators breached their fiduciary duties to the Plan’s participants in violation of the Employee Retirement Income Security Act of 1974 (ERISA). The investigation concerns public statements issued by Toyota between August 4, 2009 and February 2, 2010, regarding the Company’s business, operations and prospects.

According to a shareholder lawsuit pending in the United States District Court for the Central District of California, during the foregoing period Toyota and certain of its officers and directors misrepresented and/or failed to disclose that there was a major design defect in Toyota’s acceleration system, which could cause unintended acceleration, thereby causing Toyota securities to trade at artificially inflated prices. The investigation concerns whether Toyota and other administrators of the Plan failed to prudently and loyally manage the Plan’s investments in Toyota stock by continuing to offer Company stock when the stock was no longer a prudent investment for participants’ retirement savings.

If you are a current or former employee who participated in, or continues to participate in, the Toyota 401(k) defined contribution retirement plan and have information or would like to learn more about these claims, please contact Howard Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at [phone], Toll-Free at [phone], by email to [e-mail] or visit our website at http://www.howardsmithlaw.com.