Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces Class Action Lawsuit Against Dana Corporation
02 Noviembre 2005 - 1:55PM
Business Wire
The law firm Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has
filed a lawsuit on behalf of its client and on behalf of other
similarly situated purchasers of Dana Corporation ("Dana" or the
"Company") (NYSE:DCN) common stock between February 11, 2004
through and including October 10, 2005 (the "Class Period"). The
Complaint charges Dana and certain of its officers and directors
with violations of Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 (the "Exchange Act"). The Complaint alleges
that defendants omitted or misrepresented material adverse facts
about the Company's financial condition, business prospects, and
revenue expectations during the Class Period. The Complaint alleges
that defendants issued, or caused to be issued, false and
misleading statements during the Class Period. Specifically, it is
alleged, that the defendants' representations regarding Dana were
materially false and misleading when made for the following
reasons: (1) the Company had improperly recognized price increases
in its commercial-vehicle business, which materially inflated its
income figures; (2) Dana's financial statements were presented in
violation of Generally Accepted Accounting Principles; and (3) the
Company lacked the necessary personnel and controls to issue
accurate financial reports and projections. 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. Following 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. It is also alleged that on October 10, 2005,
prior to the opening of the market, Dana announced that it would
restate its 2004, first-quarter 2005, and second-quarter 2005
financial statements and stated that the Company postponed its
third-quarter 2005 earnings release and was withdrawing its
earnings guidance for full-year 2005. Following this announcement,
the price of Dana stock fell again from $9.19 per share on Friday,
October 7, 2005 to $6.04 per share on Monday, October 10, 2005, a
single-trading day drop of 34.28% on unusually heavy trading
volume. If you are a member of the class, you may, no later than
December 5, 2005, request that the Court appoint you as Lead
Plaintiff of 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 remain an absent class member. Cohen,
Milstein, Hausfeld & Toll, P.L.L.C. has significant experience
in prosecuting investor class actions and actions involving
securities fraud. The firm has offices in Washington, D.C., New
York, Philadelphia and Chicago, and is active in major litigation
pending in federal and state courts throughout the nation. You may
visit the firm's website at www.cmht.com. The firm's reputation for
excellence has been recognized on repeated occasions by courts
which have appointed the firm to lead positions in complex
multi-district or consolidated litigation. Cohen, Milstein,
Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous
important cases on behalf of defrauded investors, and has been
responsible for a number of outstanding recoveries which, in the
aggregate, total in the billions of dollars. If you have any
questions about this notice or the action, or with regard to your
rights, please contact either of the following: Steven J. Toll,
Esq. or Robert C. Smits; Cohen, Milstein, Hausfeld & Toll,
P.L.L.C., 1100 New York Avenue, N.W., West Tower, Suite 500,
Washington, D.C. 20005; Telephone: 888-240-0775 or 202-408-4600;
Email: stoll@cmht.com or rsmits@cmht.com
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