Goodyear Securities Suit Dismissed in Federal Court
AKRON, Ohio, March 22 -- The Goodyear Tire & Rubber Company announced today that United States District Court Judge John Adams has ordered the dismissal of the class action lawsuit alleging securities fraud filed against the company and certain of its current and former officers. The suit relates to Goodyear's previous restatement of its financial results.
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In its ruling today, the Court found that the plaintiffs had failed to sufficiently set forth particularized facts to support their claim.
"We are pleased that the Court has dismissed the lawsuit, which we have always believed to be without merit," said C. Thomas Harvie, Goodyear senior vice president and general counsel.
Goodyear has also asked the Court to dismiss two companion cases pending before Judge Adams: a shareholder derivative action and an action based on alleged ERISA violations.
Goodyear is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs more than 80,000 people worldwide. For more information about Goodyear go to http://www.goodyear.com/corporate/ .
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