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February 12, 2004 12:00 AM

SEC formally probes Goodyear

ERJ Staff
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    From Rubber & Plastics News

    Akron, Ohion-The US Securities and Exchange Commission has launched a formal investigation into the reinstatement of Goodyear's financial results over the last five years.

    By formalising its probe, the SEC has more power and a wider jurisdiction. It now has the ability to subpoena witnesses, including those inside Goodyear, and has the authority to investigate outside the Akron-based firm.

    The tyre maker also is conducting an investigation into possible improper accounting practices in Europe. That inquiry has spread to other overseas operations, a company spokesman said. Thus far, the company has not uncovered “anything that will have a material impact on our financial statement,” he said.

    The internal accounting probe could delay the firm's filing of its 2003 annual report past a 15 March deadline, he said. It began in December after Goodyear completed its financial restatements for most of the previous five years. It has yet to file amended results for 2002.

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