Barrack Rodos Files Suit Against Bridgestone Corporation (BRDCF and BRDCY) and its Officers and Directors Alleging Misrepresentations
4 January 2001
Barrack Rodos Files Suit Against Bridgestone Corporation (BRDCF and BRDCY) and its Officers and Directors Alleging Misrepresentations
PHILADELPHIA, Jan. 4 Counsel for Class Plaintiff, Barrack,
Rodos & Bacine, today issued the following:
A class action has been commenced in the United States District Court for
the Middle District of Tennessee on behalf of all persons who purchased the
common stock and American Depository Receipts ("ADRs") for the common stock of
Bridgestone Corporation ("Bridgestone" or the
"Company") between March 31, 1998 and August 31, 2000, inclusive (the "Class
Period").
The complaint charges that defendants violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934 by issuing a series of material
misrepresentations to the market during the Class Period. Specifically, the
complaint alleges that during the Class period, Bridgestone and its U.S.
subsidiary, Bridgestone/Firestone, had knowledge of thousands of claims for
and complaints concerning ATX tire failures, especially ATX tires manufactured
at Bridgestone/Firestone's Decatur, Illinois, plant during and after a bitter
1994-1996 strike, due to design and manufacturing defects that resulted in
over 2,200 rollover accidents, over 500 serious injuries and approximately 150
fatalities by 2000. Nevertheless, according to the complaint, Bridgestone
made false and misleading statements about the effectiveness and integrity of
its product design, testing and manufacturing processes and the quality and
safety of its products, while concealing its growing awareness of the problems
with and defects in the ATX radial tires. The complaint alleges that
Bridgestone also failed to properly account for or disclose the prospective
cost of these product failures and associated remedial costs, thereby
materially misstating its financial condition and reporting inflated earnings
during the Class Period.
The plaintiff seeks to recover damages on behalf of all purchasers of
Bridgestone securities during the Class Period. They are represented by the
law firm of Barrack, Rodos & Bacine, which has extensive experience in
prosecuting investor class actions involving financial fraud. Barrack, Rodos
& Bacine has prosecuted securities, antitrust and consumer class actions for
over 20 years. The firm has offices in Philadelphia, San Diego, New York,
Boston and New Jersey and has been designated lead counsel by federal and
state courts across the country in large, complex securities class actions,
including those against Cendant Corp. (the largest securities class action in
United States history), McKesson HBOC, Inc., Informix Corporation, Sunbeam
Corporation and hundreds of others. For more information about Barrack, Rodos
& Bacine, please visit their website at http://www.barrack.com.
If you are a member of the Class described above, you may, no later than
March 6, 2001, move the Court to serve as lead plaintiff of the Class, if you
so choose. In order to serve as lead plaintiff, however, you must meet
certain legal requirements. If you wish to discuss this action or have any
questions concerning this case or your rights or interests, please contact
Maxine S. Goldman, Shareholder Relations Manager, at Barrack, Rodos & Bacine,
3300 Two Commerce Square, 2001 Market Street, Philadelphia, PA 19103, at 800-
417-7305 or 215-963-0600, fax number 888-417-7306 or 215-963-0838 or by e-mail
at msgoldman@barrack.com.
CONTACT: Counsel for Class Plaintiffs, Barrack, Rodos & Bacine,
Shareholder Relations Manager, 800-417-7305, or 215-963-0600, or fax,
888-417-7306, or 215-963-0838, or e-mail, msgoldman@barrack.com.