NEW YORK, Nov. 10, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Wechsler Harwood LLP:
Notice is hereby given that a class action lawsuit was filed on behalf of purchasers of the publicly traded securities of the Goodyear Tire & Rubber Company ("Goodyear" or the "Company") (NYSE:GT) during the period between October 22, 1998 through October 22, 2003, inclusive (the "Class Period").
The action, entitled Michael J. Gomlak and Henry T. Hettger v. Goodyear Tire & Rubber Company, et al., 03CV ---- (N.D.Ohio November 10, 2003), is pending in the United States District Court for the Northern District of Ohio against Goodyear and certain of its senior officers and directors. A copy of the complaint is available from the Court, or can be viewed on the firm's website at www.whesq.com.
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 had the effect of artificially inflating 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 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 plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wechsler Harwood or other counsel of your choice to serve as your counsel in this action.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders and has recovered hundreds of millions of dollars in those efforts. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP
488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400
Craig Lowther, Wechsler Harwood Shareholder Relations Department: clowther@whesq.com (Ext. 257).
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca