Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Visteon Corp.
February 28 2005 - 9:40AM
PR Newswire (US)
Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
Visteon Corp. HARTFORD, Conn., Feb. 28 /PRNewswire/ -- The law firm
of Schatz & Nobel, P.C., which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the Eastern District of
Michigan on behalf of all persons who purchased the publicly traded
securities of Visteon Corp. (NYSE:VC) ("Visteon") between January
23, 2004 and January 31, 2005 (the "Class Period"). The Complaint
alleges that Visteon violated federal securities laws by issuing
false or misleading public statements. Specifically, the Complaint
alleges that Visteon improperly accounted for certain retiree
health care, pension benefits and income taxes and, as a result, it
had to reverse $9 million in expense reductions for U.S.
post-retirement life and health care costs and to adjust the
valuation allowance on deferred tax assets by $17 million. As a
result of the foregoing, Visteon's financial results were in
violation of Generally Accepted Accounting Principles ("GAAP") and
were materially inflated at all relevant times. On January 31,
2005, Visteon announced a 2004 net loss of $1.489 billion, or
$11.88 per share. In addition, Visteon's management recommended the
review and preliminary restatement of Visteon's financial
statements for 2002, 2003 and the first three fiscal quarters of
2004. On this news, Visteon stock fell 6.43 percent to close at
$7.42 per share. If you are a member of the class, you may, no
later than April 26, 2005, request that the Court appoint you as
lead plaintiff of the class. A lead plaintiff is a class member
that acts on behalf of other class members in directing the
litigation. Although your ability to share in any recovery is not
affected by the decision whether or not to seek appointment as a
lead plaintiff, lead plaintiffs make important decisions which
could affect the overall recovery for class members, including
decisions concerning settlement. The securities laws require the
Court to consider the class member(s) with the largest financial
interest as presumptively the most adequate lead plaintiff(s). For
more information about the case, its claims, and your rights,
please contact Schatz & Nobel toll-free at (800) 797-5499, or
by e-mail at . To view a copy of the Complaint initiating the class
action, which was not filed by Schatz & Nobel, or for more
information about this case, class action cases in general, or
Schatz & Nobel, please visit our website:
http://www.snlaw.net/. CONTACT: Wayne T. Boulton or Nancy Kulesa
Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail:
DATASOURCE: Schatz & Nobel, P.C. CONTACT: Wayne T. Boulton or
Nancy Kulesa both of Schatz & Nobel, +1-800-797-5499, Web site:
http://www.snlaw.net/
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