Dana (NYSE:DCN)
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Goldman Scarlato & Karon, P.C., a law firm with offices
in Pennsylvania and Ohio, announces that a lawsuit has been filed in
the United States District Court for the Northern District of Ohio, on
behalf of persons who purchased or otherwise acquired publicly traded
securities of Dana Corporation ("Dana" or the "Company") (NYSE:DCN)
between March 23, 2005 and September 14, 2005, inclusive, (the "Class
Period"). The lawsuit was filed against Dana and Michael J. Burns and
Robert C. Richter ("Defendants").
If you are a member of this class and wish to view a copy of a
complaint and join this class action, please e-mail us at
penny@gsk-law.com and request a copy of the complaint and a plaintiff
certification. If you are a member of the Class, you may move the
Court no later than December 5, 2005 to serve as a lead plaintiff for
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 do nothing and remain an absent class member. However, if you
choose to remain an absent class member, unless and until a class is
certified, you are not represented by counsel.
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. Specifically, the complaint alleges that
during the Class Period, the Company made representations regarding
the Company's historical financial performance and condition that were
materially false and misleading. These statements were false and
misleading because: (1) the Company had improperly accounted for price
increases, inflating income in the second quarter of 2005; (2) the
Company's purported financial success was the result of improper
accounting; and (3) as a result the Company's guidance lacked any
reasonable basis and could not be met without a significant drop in
raw material prices.
On September 15, 2005, before the market opened, the Company
issued a press release announcing that it would restate second quarter
results and that it was dramatically reducing guidance for 2005, to
$0.60 - $0.70 per share from $1.30 - $1.45. In addition, the Company
commented that it may be in violation of certain loan covenants, and
that it might have to write down the value of certain U.S. deferred
tax assets. In reaction to the announcement, Dana's stock price fell
dramatically, declining from $12.78 per share on September 14, 2005 to
$9.86 per share on September 15, 2005, a decline of approximately 23%.
If you bought Dana securities between March 23, 2005 and September
14, 2005, inclusive, and would like to obtain information about the
lawsuit, then you are invited to call (888) 753-2796 to speak with an
advisor.