DOW JONES NEWSWIRES
Dana Holding Corp. (DAN) settled with the Securities and
Exchange Commission, ending the agency's investigation of the
auto-parts supplier's financial statements for 2004 and part of
2005.
The SEC didn't impose fines or penalties.
In December 2005, Dana restated financial reports for 2004 and
the first half of 2005, lowering total earnings by $44 million, to
correct accounting for price increases and supplier reimbursement
costs in its commercial-vehicle unit and for steel surcharges. The
company also made adjustments to statements filed as far back as
2000 that cut earnings another $3 million.
The regulator launched a formal inquiry into the matter in
2006.
The maker of axles, drive shafts and thermal-management products
exited bankruptcy protection in February 2008 but has suffered
along with the rest of the auto industry from a sharp drop in sales
this year.
Dana's shares closed at $5.61, up 4.7%, and were inactive after
hours.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com