NEW YORK, Nov. 10, 2003 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the Northern District of Ohio on behalf of purchasers of Goodyear Tire & Rubber Company ("Goodyear" or the "Company") (NYSE:GT) securities, between March 26, 1998 and October 22, 2003, inclusive (the "Class Period").
If you purchased Goodyear securities during the Class Period, you may, no later than December 22, 2003, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at www.nyclasslaw.com/join.html.
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 March 26, 1998 and October 22, 2003. Due to these misrepresentations, the price of Goodyear securities became artificially inflated. The Complaint states specifically that: 1) 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) the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principals ("GAAP"); 3) the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and 4) as a result, the value of the Company's net income and financial results were materially overstated at all relevant times.
After the market had closed on October 22, 2003, Goodyear announced that it had overstated its net income and earnings by approximately $100 million for the years 1998 through 2002 and for the first and second quarters of 2003. In response to this news the Company's shares fell more than 10% during inter-day trading and traded as low as $5.55 per share.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of Goodyear securities during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. For more information regarding Bull & Lifshitz, LLP, please visit our website at www.nyclasslaw.com.
For an information package please view www.nyclasslaw.com/infopackage.html
If you wish to discuss this action or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Peter D. Bull, Esq. or Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca