Tower Automotive, Inc. OTC: TWRAQ.PK

A class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all securities purchasers of Tower Automotive, Inc. (OTC: TWRAQ.PK) ("Tower" or the "Company") between February 14, 2003, and January 21, 2005 inclusive (the "Class Period").

The complaint charges Dugald K. Campbell, Kathleen Ligocki, Ernie Thomas, and James A. Mallak with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that due to escalating raw material costs, increased pricing pressures, and the end of the program for early payment of receivables from the domestic manufacturers, the Company liquidity position was constrained; (2) that the Company's liquidity problems were further exacerbated by longer than expected holiday production shutdowns by domestic customers; (3) that the Company's warnings about raw material costs, increased pricing pressures, and alike were general in nature and did not fully advise investors of the increased risks and uncertainties faced by the Company; (4) that the Company's liquidity problems severely undermined the Company's financial stability, eventually forcing Tower to file for bankruptcy protection; (5) and that as a consequence of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's financial condition.

On January 20, 2005, Tower announced that its ongoing initiatives to improve liquidity were adversely impacted by the length of customer shutdowns over the holiday season. Cumulatively, these shutdowns would adversely impact liquidity by approximately $40 million during the first quarter of 2005. In addition, initiatives were taken to address the elimination of early payment programs from the Company's customers. For January, those changes in payment terms would adversely impact liquidity by approximately $17 million. The news shocked the market. Shares of Tower fell $0.64 per share, or 27.12 percent, on January 20, 2005, to close at $1.72 per share. On January 21, 2005, Standard & Poor ("S&P"), citing the Company's need to restructure its debt, slashed the Tower's credit rating from level "B" to, below investment grade, level "CCC". On this news, shares of Tower fell an additional $0.97 per share, or 56.40 percent, on January 21, 2005, to close at $.075 per share.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, 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.