Shareholder Class Action Filed on Behalf of Shareholders of Tower Automotive, Inc. by the Law Firm of Schiffrin & Barroway, LLP

RADNOR, Pa., Feb. 7, 2005 -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all securities purchasers of Tower Automotive, Inc. ("Tower" or the "Company") between February 14, 2003, and January 21, 2005 inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.

The complaint charges Dugald K. Campbell, Kathleen Ligocki, Ernie Thomas, and James A. Mallak with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that due to escalating raw material costs, increased pricing pressures, and the end of the program for early payment of receivables from the domestic manufacturers, the Company liquidity position was constrained; (2) that the Company's liquidity problems were further exacerbated by longer than expected holiday production shutdowns by domestic customers; (3) that the Company's warnings about raw material costs, increased pricing pressures, and alike were general in nature and did not fully advise investors of the increased risks and uncertainties faced by the Company; (4) that the Company's liquidity problems severely undermined the Company's financial stability, eventually forcing Tower to file for bankruptcy protection; (5) and that as a consequence of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's financial condition.

On January 20, 2005, Tower announced that its ongoing initiatives to improve liquidity were adversely impacted by the length of customer shutdowns over the holiday season. Cumulatively, these shutdowns would adversely impact liquidity by approximately $40 million during the first quarter of 2005. In addition, initiatives were taken to address the elimination of early payment programs from the Company's customers. For January, those changes in payment terms would adversely impact liquidity by approximately $17 million. The news shocked the market. Shares of Tower fell $0.64 per share, or 27.12 percent, on January 20, 2005, to close at $1.72 per share. On January 21, 2005, Standard & Poor ("S&P"), citing the Company's need to restructure its debt, slashed the Tower's credit rating from level "B" to, below investment grade, level "CCC". On this news, shares of Tower fell an additional $0.97 per share, or 56.40 percent, on January 21, 2005, to close at $.075 per share.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/

If you are a member of the class described above, you may, not later than April 5, 2005 move the Court to serve as lead plaintiff of the class, if you so choose. 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 plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.