A lawsuit was filed on behalf of investors in Honda Motor Co., Ltd. (NYSE:HMC) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/16/2023 -- An investor, who purchased shares of Honda Motor Co., Ltd. (NYSE: HMC), filed a lawsuit in the U.S. against Honda Motor Co., Ltd. over alleged violations of Federal Securities Laws.
Investors who purchased shares of Honda Motor Co., Ltd. (NYSE: HMC) have certain options and for certain investors are short and strict deadlines running. Deadline: April 3, 2023. NYSE: HMC investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Japan based Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, power products, and other products in Japan, North America, Europe, Asia, and internationally.
On September 28, 2022, a putative class action was filed against Honda Motor Co., Ltd. alleging that the Company sold thousands of vehicles that contain a critical safety flaw putting drivers and others at serious risk of injury. Specifically, the lawsuit against Honda Motor Co., Ltd. alleges that a wide range of Honda vehicles share a flawed "auto start/stop" function (also called "Idle Stop") intended to save fuel by shutting the engine down at stops, and that the Idle Stop system in these vehicles routinely fails to restart the engine as designed, leaving drivers unable to move their vehicles. The lawsuit further alleges that Honda Motor Co., Ltd. was fully aware of the defect before marketing the vehicles.
Shares of Honda Motor Co., Ltd. (NYSE: HMC) declined to $21.44 per share on October 21, 2022.
The plaintiff claims that between June 20, 2018 and September 28, 2022, the defendants made false statements and/or concealed that Honda Motor Co., Ltd. had overstated the safety and effectiveness of the Idle Stop engine feature that Honda Motor Co., Ltd. maintained deficient disclosure controls and procedures with respect to product quality and safety, that as a result of the foregoing deficiencies, Honda failed to prevent American Honda from marketing and selling thousands of vehicles that contained a defective Idle Stop feature, that the foregoing conduct subjected the Company and/or its subsidiaries to a heightened risk of litigation, as well as financial and/or reputational harm, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Honda Motor Co., Ltd. (NYSE: HMC) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.