Scott & Scott, LLC Announces Class Action Against Goodyear

Scott & Scott, LLC a law firm with offices in Connecticut and California, announced a securities fraud class action against The Goodyear Tire and Rubber Co. The complaints filed by the law firm have cited various individual defendants including Samir G. Gibara, Robert W. Tieken, Robert J. Keegan, and Stephanie W. Bergeron. This complaint, on behalf of a class consisting of all persons who purchased the securities of Goodyear between October 23, 1998, and October 22, 2003, and who were damaged thereby, has been brought in the United States District Court for the Northern District of Ohio (Akron), Eastern Division.

Plaintiffs/shareholders are seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).

During the Class Period, Goodyear filed financial reports with the SEC, which purported to accurately reflect the Company’s operating results and financial condition. Unbeknownst to class members, the financial information contained in the Company’s SEC filings Goodyear had overstated its net income and shareholders’ equity by hundreds of millions of dollars. As a result, the Company has disclosed that it will restate its results, “for the years 1998-2002 and for the first and second quarters of 2003.” In addition, the Company will delay the release of detailed third quarter 2003 results, which were due to be released on October 23.

Neil Rothstein and law partner David Scott toured Akron and say that they have no doubt that Goodyear is a focal point of the City. Having spoken to workers all over the country, Rothstein knows that the company’s survival is imperative.

Scott + Scott realises that the motivation to practice securities law in this time of economic strife is often frustrating and painful as it has seen thousands of workers lose their retirement savings and has listened with great compassion to investors of all types lament over the unforeseeable outcomes.

Rothstein and Scott say that their firm was asked to file suit in order to protect the rights, the integrity, the economy, the future, the retirements and the lives of those hundreds of thousands who still live in Akron and who depend on Goodyear for their income. “Now it is our job to ensure that Goodyear and those individuals who allegedly defrauded investors take care of those who have been financially wounded by the purported accounting fraud. It is about those who purchased securities of Goodyear for the last five years.”