PHILADELPHIA, Oct. 27, 2003 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the Northern District of Ohio, on behalf of purchasers of the common stock of Goodyear Tire & Rubber Company ("Goodyear" or the "Company") (NYSE:GT) between October 22, 1998 through October 22, 2003, inclusive (the "Class Period").
The Complaint alleges that defendants violated the federal securities laws during the Class Period, by issuing materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission which artificially inflated the Company's revenues and earnings due to improper revenue recognition practices. The Complaint also alleges that the Company implemented an accounting system in 1999, which caused Goodyear to overstate its net income and earnings by up to $100 million and that the Company's financial statements were prepared in violation of General Accepted Accounting Principles ("GAAP"). On October 22, 2003, Goodyear announced it had overstated its net income and earnings by approximately $100 million for the years 1998-2002 and for the first and second quarters of 2003. On this news, Goodyear shares fell more than 10% during inter-day trading and traded as low as $5.55 per share.
If you purchased Goodyear securities during the Class Period, you may, no later than December 22, 2003, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Goodyear securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/dbjoinaclassaction.asp. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll free at 888 844 5862 or via E mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca