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SAN FRANCISCO, June 09, 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”). 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”). No class has been certified in this case. The deadline to move for the position of lead plaintiff in the case is August 3, 2015. If your losses are less than $100,000, you are still eligible to be a member of the class. You do not need to move for lead plaintiff to be a member of the Class or to participate in any recovery.
Toshiba is a diversified company that engages in the research and development, manufacture, and sale of electronic and energy products worldwide. The lawsuit alleges that during the Class Period, Defendants mislead investors, and failed to disclose that (1) the total amounts of contract costs for certain infrastructure projects were underestimated; (2) the timing in which such contract losses and provisions for contract losses were recorded was improper; and (3) as a result of the foregoing, Toshiba’s public statements were materially false and misleading at all relevant times.
The truth began to emerge on April 3, 2015 when 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.
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.
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