LEAD PLAINTIFF DEADLINE IS APRIL 3, 2023
NEW YORK, Feb. 11, 2023 /PRNewswire/ — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Central District of California behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired the American Depository Shares (“ADS’s”) of Honda Motor Co. Ltd. (NYSE: HMC) (“Honda” or the “Company”) between June 20, 2018 and September 28, 2022, both dates inclusive (the “Class Period”).
All investors who purchased shares and incurred losses are advised to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than April 3, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
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Honda is a multinational conglomerate manufacturer of automobiles, motorcycles and power equipment. The Company’s U.S.-based operations are conducted through its North American subsidiary, American Honda Motor Company, Inc. (“American Honda”). Certain of Honda’s vehicles include a so-called “Idle Stop” engine feature, purportedly to enhance fuel efficiency. In marketing these vehicles, Honda and/or its subsidiaries have highlighted the Idle Stop system’s purported capacity to automatically shut off a vehicle’s engine to save fuel when the vehicle brakes to a stop for at least two seconds-for example, at a traffic light-and to automatically restart the engine when the driver releases the vehicle’s brake pedal.
The filed complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
- Honda had overstated the safety and effectiveness of the Idle Stop engine feature;
- Honda maintained deficient disclosure controls and procedures with respect to product quality and safety;
- 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;
- 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
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
In the Company’s 2018 20-F filed on June 20, 2018, Honda made assurances as to product quality, safety, and internal controls. Then, on January 29, 2019, Honda issued a “2019 Honda Passport Press Kit” highlighting the “high level of safety performance” and the purported benefits of Idle Stop. Similar assurances about Honda’s cars’ safety and the company’s commitment to safety, product quality, and internal controls were made in subsequent press releases and filings throughout the class period.
On September 28, 2022, a putative class action was filed against American Honda alleging that it had sold thousands of vehicles-including the 2018-2020 Honda Odyssey, 2016-2020 Honda Pilot, 2019-2020 Honda Passport, 2015-2020 Acura TLX, and 2015-2020 Acura MDX-equipped with a flawed Idle Stop feature. Per the allegations in the class action complaint, after initially shutting off a vehicle’s engine, the Idle Stop system in the affected vehicles routinely fails to restart the engine as designed, leaving drivers unable to move their vehicles. The lawsuit further alleges that American Honda was fully aware of the defect before marketing the vehicles.
On this news, Honda’s ADS price fell $0.74 per share, or 3.23%, to close at $22.19 per ADS on September 29, 2022.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
