| Company: | Visteon Corp. |
| Ticker Symbol: | NYSE: VFC |
| Class Period: | January 23, 2004 to January 31, 2005 |
| Date Filed: | Feb-25-05 |
| Lead Plaintiff Deadline: | Apr-26-05 |
| Court: | Eastern District, MI |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the Eastern District of Michigan on behalf of all securities purchasers of Visteon Corp. ("Visteon" or the "Company") between January 23, 2004 and January 31, 2005, inclusive (the "Class Period").
The complaint charges Visteon, Peter Pestillo, Michael Johnston, Glenda J. Minor, Daniel R. Coulson and James Palmer 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 the Company continued to maintain unprofitable product lines, such as glass and powertrain systems, even when faced with declining North American auto sales and rising raw-material costs; (2) that the Company was overly dependent on Ford Motor Co. ("Ford"), as 70 percent of Visteon's revenue came from Ford; (3) that the Company failed to adequately control costs; (4) that the Company improperly accounted for certain retiree health care and pension benefits, and income taxes and as a result Visteon had to reverse $9 million in expense reductions for U.S. post-retirement life and health care costs and to adjust the valuation allowance on deferred tax assets by $17 million; (5) that as a result of the foregoing the Company's financial results were in violation of Generally Accepted Accounting Principles ("GAAP") and were materially inflated at all relevant times; and (6) that as a consequence of the above, the defendants had no reasonable basis for positive statements about Visteon's financial condition.
On January 31, 2005, Visteon announced preliminary fourth quarter and full year results for 2004. For the full year 2004, Visteon recorded a net loss of $1.489 billion, or $11.88 per share. In addition, Visteon's management has recommended the review and preliminary restatement of the Company's financial statements for 2002, 2003 and the first three fiscal quarters of 2004. News of this shocked the market. Shares of Visteon fell $0.51, or 6.43 percent, on January 31, 2005 to close at $7.42 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.
The complaint charges Visteon, Peter Pestillo, Michael Johnston, Glenda J. Minor, Daniel R. Coulson and James Palmer 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 the Company continued to maintain unprofitable product lines, such as glass and powertrain systems, even when faced with declining North American auto sales and rising raw-material costs; (2) that the Company was overly dependent on Ford Motor Co. ("Ford"), as 70 percent of Visteon's revenue came from Ford; (3) that the Company failed to adequately control costs; (4) that the Company improperly accounted for certain retiree health care and pension benefits, and income taxes and as a result Visteon had to reverse $9 million in expense reductions for U.S. post-retirement life and health care costs and to adjust the valuation allowance on deferred tax assets by $17 million; (5) that as a result of the foregoing the Company's financial results were in violation of Generally Accepted Accounting Principles ("GAAP") and were materially inflated at all relevant times; and (6) that as a consequence of the above, the defendants had no reasonable basis for positive statements about Visteon's financial condition.
On January 31, 2005, Visteon announced preliminary fourth quarter and full year results for 2004. For the full year 2004, Visteon recorded a net loss of $1.489 billion, or $11.88 per share. In addition, Visteon's management has recommended the review and preliminary restatement of the Company's financial statements for 2002, 2003 and the first three fiscal quarters of 2004. News of this shocked the market. Shares of Visteon fell $0.51, or 6.43 percent, on January 31, 2005 to close at $7.42 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.
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.
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