Shareholders sue Toyota as stock falls

MIAMI — Toyota shareholders incensed over a sudden drop in the Japanese automaker’s stock price are heading to court with lawsuits claiming company executives deliberately misled investors and the public about the seriousness of accelerator problems in its vehicles.

At least three proposed class-action lawsuits filed by investors say the company gave false initial assurances that the sudden acceleration problem was simply floor mats trapping gas pedals, helping to prop up the stock price.

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. The company has not issued any recalls involving flaws in the electronic throttles and has repeatedly denied they are the problem.