Scott + Scott, LLC Announces First Complaint Filed for Securities Violations Against Goodyear -- Attorney Originally From Akron Leads Litigation Team: Goodyear is Next Accounting Fraud Class Action to Hit Market as it Restates Results From 1998-2003
At the request of shareholders, the law firm of Scott + Scott, LLC filed the first securities class action lawsuit against Goodyear Tire & Rubber Company in Akron, Ohio. Neil Rothstein, a shareholder of Scott + Scott, LLC, who was born and raised in Akron, stated that the suit was brought against Goodyear and various individual defendants for alleged accounting fraud dating back to 1998. Scott + Scott, LLC is currently leading litigation against ImClone, Northwestern CP, Halliburton, Qwest, Healthsouth and many others.
(PRWEB) October 27, 2003 -- Scott + Scott, LLC (scottlaw@scott-scott.com), a law firm with offices in Connecticut and California, announces that it has commenced a securities fraud class action against THE GOODYEAR TIRE & RUBBER COMPANY, (NYSE:GT), SAMIR G. GIBARA, ROBERT W. TIEKEN, ROBERT J. KEEGAN, and STEPHANIE W. BERGERON.
The case has been brought in the United States District Court for the Northern District of Ohio (Akron) on behalf of a class consisting of all persons (other than defendants) who purchased the securities of Goodyear between March 26, 1999, and October 22, 2003, inclusive (the "Class Period"), and who were damaged thereby. Plaintiff shareholder is seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). Those who purchased after October 22, 1998 are welcome to contact the firm.
A copy of the complaint filed in this action on behalf of investors is available from the Court or can be obtained by calling Scott + Scott, LLC at 800/404-7770, e-mailing the firm at nrothstein@aol.com or drscott@scott-scott.com, or going to the firm's website (www.scott-scott.com) and clicking on " IN THE NEWS." Mr. Rothstein, formerly of Akron, Ohio may also be reached for any further information or inquiries. Please email him at nrothstein@aol.com with your phone number and he will return your call.
If you wish to serve as lead plaintiff and if you bought Goodyear publicly traded securities between March 26, 1999, and October 22, 2003, inclusive (those who purchased after October 22, 1998 are also welcome to contact the firm), and you wish to serve as lead plaintiff, you must move the Court no later than 60 days from October 23, 2003. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through Scott + Scott, LLC or through counsel of its choice, or may choose to do nothing and remain an absent class member. In order to be appointed lead plaintiff, you must meet certain legal requirements. Please be aware that Scott + Scott, LLC has filed this lawsuit at the request of shareholders and in accordance with the applicable laws.
Goodyear is an Akron-based manufacturer of tires and rubber products, with worldwide operations. During the Class Period, Goodyear filed financial reports with the SEC, which purported to accurately reflect the Company's operating results and financial condition. Unbeknownst to class members, the financial information contained in the Company's SEC filings were the result of accounting improprieties. Specifically, as the Company admitted in a press release issued after the close of trading on October 22, 2003, Goodyear had overstated its net income and shareholders' equity by a total of approximately $100 million and $120 million, respectively. As a result, the Company has disclosed that it will restate its results "for the years 1998-2002 and for the first and second quarters of 2003." The Company attributes the overstatements to "the implementation of an enterprise resource planning accounting system (ERP) in 1999 and errors in inter-company billing systems." In addition, the Company will delay the release of detailed third quarter 2003 results, which were due to be released on October 23. Goodyear further announced that it was continuing its "ongoing process of strengthening its accounting procedures and is implementing further improvements to its system of internal controls."
Scott + Scott, LLC is engaged in the representation of funds, foundations, endowments, institutions, pension funds, individuals, and other entities throughout the world in securities, antitrust and other complex class and non- class action litigation. The firm is committed to client satisfaction and communication. The firm's attorneys litigate in both state and federal courts throughout the nation. The firm has been appointed lead counsel in cases nationwide, including the ongoing Imclone Securities Litigation. The firm also recently settled cases against Mattel and Emulex. Scott + Scott, LLC issues this release in accordance with the applicable federal securities laws. If you wish to discuss this action, have any questions concerning this notice, your rights with respect to this matter or any other securities fraud matter please contact Neil Rothstein Esq., nrothstein@aol.com, or David Scott Esq., drscott@scott-scott.com, Scott + Scott, LLC, 108 Norwich Avenue, Colchester, Connecticut 06415 at 800/404-7770 (fax: 860/537-4432).
SOURCE Scott + Scott, LLC
CO: Scott + Scott, LLC; Goodyear Tire & Rubber Company
Contact:
Neil Rothstein Esq., nrothstein@aol.com, or
David Scott Esq., drscott@scott-scott.com
Scott + Scott, LLC,
108 Norwich Avenue
Colchester, Connecticut 06415
800/404-7770 (fax: 860/537-4432)
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