BALA CYNWYD, Pa., April 12, 2006 (PRIMEZONE) -- Law offices of Brodsky & Smith, L.L.C. today announced that it has commenced an investigation against Lear Corp. ("Lear" or the "Company") (NYSE:LEA) for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in Lear stock by the Lear Corp. Salaried Retirement Savings Plan, the Lear Corp. Hourly Retirement Savings Plan, and the Lear Corp. Hourly 401(k) Savings Plan (the "Plans").
The investigation focuses on concerns that Lear and other administrators of the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plans. A breach may have occurred if the fiduciaries failed to manage the assets of the Plans prudently and loyally by investing a significant amount of the assets in Company stock when it was no longer a prudent investment for participants' retirement savings. A breach also may have occurred if the fiduciaries withheld or concealed material information from the Plans' participants with respect to the Company's business, financial results and operations, thereby encouraging participants and beneficiaries to continue to make and maintain substantial investments of Company stock in the Plans.
If you are a member of the Lear Corporation Salaried Retirement Savings Plan, the Lear Corporation Hourly Retirement Savings Plan, or the Lear Corporation Hourly 401(k) Savings Plan, and purchased or held Lear stock through one of those Plans, and want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, L.L.C. who will, without obligation or cost to you, attempt to answer your questions. You may contact Evan J. Smith, Esquire or Marc Ackerman, Esquire at Brodsky & Smith, L.L.C., Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.