HARTFORD, Conn., Oct. 5, 2005 (PRIMEZONE) -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Ohio on behalf of all persons who purchased the publicly traded securities of Dana Corporation (NYSE:DCN) ("Dana") between March 23, 2005 and September 14, 2005 (the "Class Period").
The Complaint alleges that Dana violated federal securities laws by making false or misleading public statements. On September 15, 2005, Dana announced that it would restate its second quarter 2005 financial results and lowered its 2005 earnings guidance from $1.30 - $1.45 per share, to $0.60 - $0.70 per share. On this news, Dana stock fell from a close of $12.78 per share on September 14, 2005, to close at $9.86 per share on September 15, 2005.
If you are a member of the class, you may, no later than December 5, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz & Nobel has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.