CHICAGO, Nov. 17, 2003 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that it has sued Goodyear Tire & Rubber Company (NYSE:GT) ("Goodyear" or the "Company") and certain of its officers and directors, in the United States District Court for the Northern District of Ohio. The shareholder lawsuit is on behalf of all persons and entities who purchased Goodyear securities between October 22, 1998 and October 22, 2003 inclusive ("Class Period").
If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden or Louis A. Kessler at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to Goodyear.
The Complaint charges 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.
Specifically, the Complaint alleges that Goodyear 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 and if you meet certain other legal requirements, you may file a motion in the Court where the lawsuit has been filed to serve as a lead plaintiff. You must file your motion no later than December 22, 2003.
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. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.