It appears there's a real possibility of that happening, according to the article Shoppers must do their homework amid rash of recalls:
In the CPSC's fiscal year 2007 (October 2006 through September 2007), 61 toys were recalled. Fifty-two of them were made in China, and 19 of those were recalled for lead-paint violations. In the CPSC's fiscal year 2008 -- since Oct. 1 -- an additional 25 toys have been recalled. All were made in China, and the majority contained lead paint. Wolfson said consumers should expect more toy recalls in November and December.
See the full article for more information.