NEW YORK, NY / ACCESSWIRE / Nov 5, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Honda Motor Co., Ltd. (“Honda” or the “Company”) HMC. Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation addresses whether Honda and certain of its officers and/or directors have been involved in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
On September 28, 2022, an alleged class action was filed against Honda alleging that the company had sold thousands of vehicles that contained a critical safety flaw, putting drivers and others at serious risk of injury. In particular, the lawsuit against Honda alleges that a large number of Honda vehicles share a flawed “auto start/stop” function (also known as “Idle Stop”) that is intended to save fuel by stopping the engine. and that the Idle Stop system in these vehicles routinely fails to restart the engine as designed, preventing drivers from moving their vehicles. The lawsuit further alleges that Honda was fully aware of the defect before the vehicles were put on the market.
On this news, the price of Honda’s American Depositary Receipt (“ADR”) fell $0.74 per ADR, or 3.23%, to close at $22.19 per ADR on September 29, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the foremost firms in corporate litigation, securities and antitrust matters. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz was a pioneer of securities class actions. Now, more than 85 years later, Pomerantz continues the tradition he has built, fighting for the rights of victims of securities fraud, breaches of fiduciary duties and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP
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