| Company: | Goodyear Tire & Rubber Co. |
| Ticker Symbol: | NYSE: GT |
| Class Period: | October 22, 1998 to October 22, 2003 |
| Court: | Northern District, OH |
| Date Filed: | Oct-24-03 |
| Lead Plaintiff Deadline: | Dec-22-03 |
| Allegations: |
A securities class action lawsuit was filed in the United States District Court for the Northern District of Ohio on behalf of purchasers of The Goodyear Tire & Rubber Co. ("Goodyear" or the "Company") (NYSE: GT) securities during the period October 22, 1998 and October 22, 2003 (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between October 22, 1998 and October 22, 2003, thereby artificially inflating the price of Goodyear's publicly traded securities. The Complaint alleges the statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the Company's implantation of an enterprise resource planning accounting system in 1999 caused Goodyear to materially overstate its net income and earnings by up to $100 million; (2) that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (3) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (4) that as a result, the value of the Company's net income and financial results were materially overstated at all relevant times.
On October 22, 2003, after the market had closed, Goodyear announced that it would restate its financial results for the years 1998-2002 and for the first and second quarters of 2003, and that the restatement would result in a decrease in net income over the restatement period by up to $100 million. Market reaction to this news was swift and fast. Shares of Goodyear fell more than 10 percent during inter-day trading and traded as low as $5.55 per share on extremely heavy volume.
If you acquired the securities of the defendants during the Class Period you may, no later than Dec 22, 2003, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between October 22, 1998 and October 22, 2003, thereby artificially inflating the price of Goodyear's publicly traded securities. The Complaint alleges the statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the Company's implantation of an enterprise resource planning accounting system in 1999 caused Goodyear to materially overstate its net income and earnings by up to $100 million; (2) that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (3) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (4) that as a result, the value of the Company's net income and financial results were materially overstated at all relevant times.
On October 22, 2003, after the market had closed, Goodyear announced that it would restate its financial results for the years 1998-2002 and for the first and second quarters of 2003, and that the restatement would result in a decrease in net income over the restatement period by up to $100 million. Market reaction to this news was swift and fast. Shares of Goodyear fell more than 10 percent during inter-day trading and traded as low as $5.55 per share on extremely heavy volume.
If you acquired the securities of the defendants during the Class Period you may, no later than Dec 22, 2003, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
