NEW YORK, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Honda Motor Co., Ltd. (“Honda” or “Company”) (NYSE: HMC). A complaint has been filed on behalf of investors who purchased or otherwise acquired Honda American Depository Shares (“ADSs”) between June 20, 2018 ad September 28, 2022 (the “Class Period”).
If you acquired Honda ADSs during the Class Period and would like to discuss this case or our investigation, please click here. Or, you may contact us by emailing email@example.com or by calling (646) 315-9003 or our toll free number 1 (800) 290-1952.
If you are a member of the proposed Class, you may move the court no later than April 3, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
According to the complaint, during the Class Period, defendants touted the safety of its technology, including that “[e]very model comes with advanced safety features to assist and help protect you and your most precious cargo." However, according to the complaint defendants failed to disclose that Honda had overstated the safety and effectiveness of its Idle Stop engine feature and therefore, maintained deficient disclosure controls and procedures with respect to product quality and safety. As a result, Honda failed to prevent American Honda from marketing and selling thousands of vehicles that contained defective features, which subjected the Company to a heightened risk of litigation, and financial and reputational harm.
On September 28, 2022, consumers filed a class action against American Honda alleging that the Idle Stop system routinely fails to restart engines as designed, leaving drivers unable to move their vehicles, and that American Honda was aware of the defect before marketing the vehicles.
Following this news, Honda's ADS price fell 3.23%, $0.73 per share, to close at $22.19 per ADS on September 29, 2022.
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