Dana (NYSE:DCN)
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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.