Colchester, Connecticut, November 02 /PRNewswire/ -- - Scott + Scott's Neil Rothstein remembers workers and The Institution of Goodyear from childhood
Scott + Scott, LLC (firstname.lastname@example.org), a law firm with offices in Connecticut and California, announced that it has extended the securities fraud class action against THE GOODYEAR TIRE & RUBBER COMPANY, . 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 (other than defendants) who purchased the securities of Goodyear between October 23, 1998, and October 22, 2003, inclusive (the "Class Period"), and who were damaged thereby, has been brought in the United States District Court for the Northern District of Ohio (Akron), Eastern Division. Also filing this lawsuit with Scott + Scott, LLC is Kirk Migdal, Esq. of Akron and the law firm of Tzangas, Plakas, Mannos & Recupero of Akron and Canton.
Plaintiff shareholder is seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). A copy of the complaint filed in this action on behalf of investors is available from the Court or can be obtained by calling Scott + Scott, LLC at 800/404-7770, e-mailing the firm at email@example.com or firstname.lastname@example.org, or going to the firm's website (http://www.scott-scott.com/) and clicking on " IN THE NEWS." Mr. Rothstein, formerly of Akron, Ohio may also be reached for any further information or inquiries. Please email him at email@example.com with your phone number and he will respond promptly.
Goodyear is an Akron-based manufacturer of tires and rubber products, with worldwide operations. 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.
Scott + Scott partner Neil Rothstein of Akron remembers:
I was born in Akron, Ohio on January 27, 1964 at Akron City Hospital where my father practiced medicine for over twenty-five years. Ten years later in 1974, the United Rubber Workers Union membership peaked at 194,000. Every person's life in Summit County was touched by the rubber industry. Even the sight of the Goodyear Blimp always evoked excitement.
On June 18, 1844, Charles Goodyear received a patent on a process to strengthen rubber. Goodyear Tire & Rubber Company was founded by Frank Seiberling in 1898. Henry Firestone came in 1900 and others opened shop like Goodrich, General, Seiberling, Mohawk and Sun.
I was raised on the west side of town in the shadows of Stan Hywet -- a true "American Castle" built by Seiberling. The late 1970's always seemed like a perfect world in Akron. I would ride the bus downtown on the weekends with my friends and enjoy Polsky's and O'Neils department stores, the Planters Peanut Shop, the Main library and the Wonder Bread Bakery. Down Main Street the huge rubber factory buildings loomed. Noisy and busy. People worked in shifts. They made a product and earned a decent wage through the efforts of the unions and management.
Suddenly without warning, the 1980's moved in and Akron went silent. Mass firings and layoffs were common. I clearly remember asking my father why they were not making tires in Akron anymore. He said very quietly that all the jobs were going to South America. Perhaps the jobs have gone away -- but can we now forget those employees who worked odd hourly shifts or the shareholders who supported them?
I return to my family home in Akron every Thanksgiving as is family tradition. The beauty of this town is amazing - just passing Szalays Farm Market on the way to the falls in Pennisula on the trail is phenomenal - and even more so with the sighting of a Blue Herron. I will walk that trail again soon, but must return to Akron earlier than I anticipated (although I am hopeful that sometime soon my firm will commit to a Northeast Ohio office). I am a class action securities attorney and until now, I spent the bulk of my time in Texas, New York, California and other places fighting the monsters of ImClone, Halliburton, Enron, Quest, HealthSouth and many more. Motivation to practice securities law in this time of economic strife is often frustrating and painful, especially when it happens in your hometown. I have seen thousands of workers lose their retirement savings and I have listened to investors day and night of all types lament over the unforeseeable. Taking the time to listen to the victims is what has set Scott + Scott apart from the rest.
As an Akronite (I will always be one), it looms large what may be in the future. As an Akronite who received many benefits from this company while growing up, such as an award for winning a music competition, it is hard to watch this happen. However, I was not asked to watch. My law firm, Scott + Scott, LLC, 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 lives and memories. My firm, Scott + Scott, LLC, will come to Akron to litigate this case for those who have suffered at the hands of the greedy and to attempt to improve the economic spirit and life of Akron. My brother paged in Washington, D.C. for Congressman Seiberling, my family always enjoyed Goodyear's Night at the Symphony and Goodyear has done a lot for the people of Akron. More than ever, it has a duty to continue.
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. This is not about Scott + Scott, LLC. It is about those who purchased securities of Goodyear for the last five years. You can also rest assured that Scott + Scott will vigorously litigate with the knowledge that the survival of Goodyear means as much to the heart as to the wallet. Akron is the Polymer capital of the world and Goodyear is its badge of honor. As a senior partner in my firm who lived here until law school, I want to hear the voices of the Akronites and other Americans affected and I want those who are more capable to stand behind those who worked the night shift in 1975 help us to help this community and all those whose lives are in peril. Only somebody who grew up here can really appreciate the needs of all. The investors and pensioners must be justly and duly compensated- but those people and all of the citizens of Akron depend upon a financially responsible Goodyear for social and economic survival.
Scott + Scott, LLC is engaged in the representation of funds, foundations, endowments, institutions, pension funds, individuals, and other entities throughout the world in securities, antitrust and other complex class and non-class action litigation. The firm maintains the highest standards for client satisfaction and communication.
The firm's attorneys litigate in both state and federal courts throughout the nation. The firm has been appointed lead counsel in cases nationwide, including the ongoing Imclone Securities Litigation. The firm also recently settled cases against Mattel and Emulex in which it was lead counsel. Scott + Scott, LLC issues this release in accordance with the applicable federal securities laws. If you wish to discuss this action, have any questions concerning this notice, your rights with respect to this matter or any other securities fraud matter please contact Neil Rothstein Esq., firstname.lastname@example.org, or David Scott Esq., email@example.com, Scott + Scott, LLC, 108 Norwich Avenue, Colchester, Connecticut 06415 at 800/404-7770 (fax: 860/537-4432).
SOURCE Scott and Scott, LLC