Spector, Roseman & Kodroff, P.C. Announces Class Action Lawsuit Against Dana Corporation
October 10 2005 - 12:02PM
Business Wire
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 Oct. 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. 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 which have appointed the
firm as lead counsel in numerous major class actions involving
violations of the federal securities laws and 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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