NEW YORK, Oct. 24, 2003 (PRIMEZONE) -- Abbey Gardy, LLP commenced a Class Action lawsuit in the United States District Court for the Northern District of Ohio on behalf of a class (the "Class") of all persons who purchased or acquired securities of Goodyear Tire & Rubber Company ("Goodyear" or the "Company") (NYSE:GT) between October 22, 1998 and October 22, 2003 inclusive (the "Class Period").
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 during the Class Period thereby artificially inflating the price of Goodyear securities. More specifically, the Complaint alleges that during the Class Period defendants caused Goodyear to report in its public filings, press releases and other public statements favorable financial results by, among other things, artificially inflating the Company's revenue and earnings by 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, that the Company 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.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Goodyear securities during the Class Period. If you purchased or otherwise acquired Goodyear securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased Goodyear securities during the Class Period, you may, no later than December 22, 2003 request that the Court appoint you as lead plaintiff.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact:
Susan Lee Abbey Gardy, LLP 212 East 39th Street New York, New York 10016 (212) 889-3700 (800) 889-3701 (Toll Free) Or e-mail her at slee@abbeygardy.com.