VC Visteon Corporation

The Law Firm of Goldman Scarlato & Karon, P.C. Announces the Filing of a Class Action Lawsuit Against Visteon Corp. PHILADELPHIA, Feb. 28 /PRNewswire/ -- Goldman Scarlato & Karon, P.C., a law firm with offices in Philadelphia, PA and Cleveland, OH, announces that a lawsuit has been filed in the United States District Court for the Eastern District of Michigan, on behalf of persons who purchased or otherwise acquired publicly traded securities of Visteon Corp. ("Visteon" or the "Company") (NYSE:VC) between January 23, 2004 and January 31, 2005, inclusive, (the "Class Period"). The lawsuit was filed against Visteon, Peter Pestillo, Michael Johnston, Glenda J. Minor, Daniel R. Coulson and James Palmer ("Defendants"). If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than April 26, 2005 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel. The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that the Defendants failed to disclose or misrepresented that the Company continued to maintain unprofitable product lines even when faced with declining North American auto sales and higher raw material costs, that the Company was overly dependant upon Ford Motor Co., with 70% of the Company's revenue coming from Ford, that the Company adequately failed to control costs, that the Company failed to properly account for certain retiree health care and pension benefits and income taxes, and that as a result of the foregoing, the Company's financial results were not presented in accordance with Generally Accepted Accounting Principles ("GAAP"). On January 31, 2005, Visteon announced preliminary fourth quarter and full year results for 2004. The Company recorded a net loss of $11.88 per share. In addition, the Company recommended the review and preliminary restatement of its financial statements for 2002, 2003 and the first three fiscal quarters of 2004. Shares of Visteon declined in reaction to the news, falling $0.51 per share, or 6.4% on January 31, 2005 to close at $7.42 per share. If you bought Visteon securities between January 23, 2004 and January 31, 2005, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (888) 753-2796 to speak with an advisor. DATASOURCE: The Law Firm of Goldman Scarlato & Karon, P.C. CONTACT: Mark S. Goldman, Esq. of The Law Firm of Goldman Scarlato & Karon, +1-888-753-2796

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