DCN Dana Cp

NEW YORK, Oct. 14 /PRNewswire/ -- Abbey Gardy, LLP commenced a Class Action lawsuit in the United States District Court for the Northern District of Ohio on behalf of a Class (the "Class") of all persons who purchased or acquired securities of Dana Corporation ("Dana" or the Company") (NYSE:DCN) between March 23, 2005 and September 14, 2005 inclusive (the "Class Period"). 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, by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of Dana securities. The Complaint names as defendants Dana, Michael J. Burns and Robert C. Richter. The Complaint alleges that Dana (a) carried out a scheme to deceive the investing public; (b) made untrue statements of material fact and/or omitted to state material facts necessary to make the statements not misleading; (c) artificially inflated the Company's net income through improper accounting; and (d) issued earnings guidance that lacked any reasonable basis given the Company's true performance and prospects, which were unknown to the investing public. More specifically, the Complaint alleges that during the Class Period, Dana had significantly overstated its 2005 full-year earnings outlook and would likely restate its second quarter 2005 financial results. On September 15, 2005, Dana announced that it has revised its 2005 full- year earnings outlook to a range of $90 million to $105 million, or approximately $0.60 to $0.70 per share, from its previously announced range of $196 million to $219 million, or $1.30 to $1.45 per share. In reaction to this announcement, the price of Dana stock fell dramatically from $12.78 to $9.86. Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Dana securities during the Class Period. If you purchased or otherwise acquired Dana securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased Dana securities during the Class Period, you may, no later than December 5, 2005 request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Abbey Gardy, LLP has been retained to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of over one billion dollars for investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact: Susan Lee or Nancy Kaboolian, Esq. Abbey Gardy, LLP 212 East 39th Street New York, New York 10016 (212) 889-3700 (800) 889-3701 (Toll Free) Or e-mail Susan Lee at . DATASOURCE: Abbey Gardy, LLP CONTACT: Susan Lee or Nancy Kaboolian, Esq., both of Abbey Gardy, LLP, +1-212-889-3700, 1-800-889-3701 (Toll Free) or Web site: http://www.abbeygardy.com/

Copyright