PHILADELPHIA, Oct. 21, 2005 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the Northern District of Ohio, on behalf of purchasers of the common stock of Dana Corporation ("Dana" or the "Company") (NYSE:DCN) between March 23, 2005 through September 14, 2005, inclusive (the "Class Period").
The Complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission during the Class Period. Specifically, the Complaint alleges that on September 15, 2005, Dana announced that it would restate its second quarter 2005 financial results and lowered its 2005 earnings guidance from $1.30-$1.45 per share, to $0.60-$0.70 per share. On this news, Dana stock fell from a close of $12.78 per share on September 14, 2005, to close at $9.86 per share on September 15, 2005. On October 10, 2005, the Company announced that it will restate its financial results for fiscal 2004 and the first half of fiscal 2005 because it failed to properly account for issues involving customer pricing and transactions with suppliers in Dana's commercial vehicle business. The Company further stated that it will also delay the release of its third-quarter earnings results, originally scheduled for October 19, and that it will write off U.S. deferred tax assets, which, as of June 30, totaled about $740 million.
If you purchased Dana securities during the Class Period, you may, no later than December 5, 2005, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative chosen by the Court that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest" and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Dana securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Robert M. Roseman, toll-free at 888-844-5862 or via e-mail at classaction@srk-law.com. For more detailed information about the firm, please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts that have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws, the federal antitrust laws and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered through judgments and settlements on behalf of thousands of defrauded shareholders and companies.
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More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.