NEW YORK, Oct. 24, 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 The Goodyear Tire & Rubber Co. ("Goodyear" or the "Company") (NYSE: GT) securities during the period October 22, 1998 and October 22, 2003 (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 October 22, 1998 and October 22, 2003, thereby artificially inflating the price of Goodyear's publicly traded securities. The Complaint alleges the statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that 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) that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (3) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (4) that as a result, the value of the Company's net income and financial results were materially overstated at all relevant times.
On October 22, 2003, after the market had closed, Goodyear announced that it would restate its financial results for the years 1998-2002 and for the first and second quarters of 2003, and that the restatement would result in a decrease in net income over the restatement period by up to $100 million. Market reaction to this news was swift and fast. Shares of Goodyear fell more than 10 percent during inter-day trading and traded as low as $5.55 per share on extremely heavy volume.
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 view our website at www.nyclasslaw.com.
For an information package (www.nyclasslaw.com/infopackage.html) or 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