Judge Dismisses Class-Action Securities Suit Against Goodyear

(Akron/Tire Review) US District Court Judge John Adams has dismissed the class-action lawsuit alleging securities fraud filed against the Goodyear Tire & Rubber Co. and some of its current and former officers.

In its ruling, the court found that the plaintiffs had failed to sufficiently present facts to support their claim. 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.

The suit that was dismissed relates to Goodyear’s previous restatement of its financial results. “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.