Shareholder Class Action Filed Against Dana Corporation by the Law Firm of Schiffrin & Barroway, LLP

RADNOR, Pa., Oct. 19, 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 Northern District of Ohio, Western Division (Toledo) on behalf of all securities purchasers of Dana Corporation ("Dana" or the "Company") from April 21, 2004 through October 7, 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 (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.

The complaint charges Dana, Michael J. Burns, and Robert C. Richter with violations of the Securities Exchange Act of 1934. Dana Corporation engages in the engineering, manufacture, supply, and distribution of systems and components for vehicle manufacturers worldwide. It operates in two segments, Automotive Systems Group and Heavy Vehicle Technologies and Systems Group. The complaint alleges that defendants' Class Period representations regarding Dana's financial statements, business, and prospects were materially false and misleading when made. Specifically, the defendants failed to disclose: (1) that the Company had improperly recognized price increases in its commercial- vehicle business, which materially inflated its income figures; (2) the Company's financial statements were presented in violation of Generally Accepted Accounting Principles ("GAAP"); and (3) that the Company lacked the necessary personnel and controls to issue accurate financial reports and projections.

On September 15, 2005, Dana cut its full-year earnings forecast to about 60 cents to 70 cents a share from a range of $1.30 to $1.45 previously, excluding gains and losses on divestitures and asset sales, and other items. Before the announcement, analysts' average estimate for Dana's 2005 earnings stood at $1.20 a share. Additionally, the Company said it likely would restate second-quarter results to correct inappropriate recognition of price increases in its commercial vehicle business during the period, a move that could reduce earnings by $10 million to $15 million. In reaction to this announcement, the price of Dana stock fell dramatically, from $12.78 per share on September 14, 2005 to $9.86 per share on September 15, 2005, a one-day drop of 22.8 percent on unusually heavy trading volume.

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. Also, the Company stated that it had postponed its third-quarter 2005 earnings release and was withdrawing its earnings guidance for full-year 2005. In reaction to this announcement, the price of Dana stock fell dramatically, from $9.19 per share on October 7, 2005 to $6.04 per share on October 10, 2005, a one-day drop of 34.28 percent, on unusually heavy trading volume.

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 billions of dollars on behalf of institutional and individual investors from the United States and around the world. 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 December 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.