The recent Toyota recall over faulty gas pedals – which could cost the company $3 billion – does not want to go away for the Japanese automaker; it now looks as though shareholders are to sue following a huge drop in stock price. Shareholders will state their case in court, stating that company executives mislead them over the seriousness of the gas pedal issue.
ABC News reports that Toyota investors claim that the company gave them false assurances from the start over the sudden acceleration problem – saying that it was an easy fix and that it was just the pedal getting trapped on the floor mats.
This is just one of a huge number of lawsuits that are sure to follow, Toyota had hoped to turn their business around and rebuild the company name, that is unlikely to happen. There have been a number of reports of accidents related to stuck gas pedals; these have resulted in injury and death.
Since the floor mat incident back in October, Toyota stock prices have been steadily falling. As of closing on Thursday, 18 march, 2010 the stock price was at $79.34.