Toyota has new problem – shareholder suits

A group of Toyota stockholders is now suing it, saying the company knew more than it let on about the acceleration problems and has therefore willfully damaged the value of their stocks.

The lawsuits contend, top Toyota executives have known for nearly a decade that faulty electronic throttle controls caused vehicles to sometimes careen wildly out of control but covered it up to protect the company's reputation for safety — and its stock price. The company has not issued any recalls involving flaws in the electronic throttles and has repeatedly denied they are the problem.

Shares rose from just over $75 on Oct. 5, the day of the floor mat recall, to above $90 on Jan. 21, when Toyota announced another recall — over gas pedals it says can stick in certain conditions.

After that, the stock price fell, dropping 16 percent as of early March. Shares have since rebounded somewhat, closing Thursday at $79.34.

Can't believe I didn't see this possibility in advance.

That said, the people wanting class action status claim they are not lawsuit fishers.