Skip to main content
Sister Publication Links
  • Rubber & Plastics News
Subscribe
  • My Account
  • LogIn
  • News
  • Technology Focus
    • Features
    • Technical Papers
    • Analysis: Rubber mixing plants of the future
      Analysis: US probes dumping by ESBR suppliers
      Opinion: Tire labels stuck in a rut
      Analysis: NR pricing takes one step forward, two steps back
    • Technical paper: Varying Si-substituents for rubber silanes
      White paper: Role of tire innerliners in improving 'in-use rolling resistance'
      White paper: Why tire air retention matters now more than ever
      Nippon Soda: Use of 1,2-polybutadiene in CSM rubber applications
  • Events
    • ERJ Events
    • ERJ Livestreams & Webinars
    • Industry Events
    • Journey to Automation Awards 2020
      Sustainability: Top 10 E4S projects table
  • Maps & Reports
  • People
  • Directory
  • Digital Edition
  • Brainiac
MENU
Breadcrumb
  1. Home
  2. News
November 14, 2005 12:00 AM

SEC tells Goodyear it will take action over restatement

ERJ Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    Akron, Ohio --The US Securities and Exchange Commission has notified Goodyear it will recommend civil or administrative action against the company and/or former executives concerning an accounting scandal.

    The action stems from the SEC's investigation of Goodyear's restatement of financial results, which the Akron-based tyre maker announced in October 2003. The SEC notified Goodyear actions can be brought against the company for alleged violations of the Securities and Exchange Act of 1934 relating to the maintenance of books, records and internal accounting controls, the establishment of disclosure controls and the periodic SEC filing requirements, Goodyear said.

    Goodyear restated its financial results after disclosing it overstated its profits by as much as $100 million from 1998 through June 2003. The company has been hit with at least 25 separate lawsuits that allege securities law violations on the part of the tyre maker.

    According to the "Well's Notice" the agency sent Goodyear, the SEC staff has made a preliminary decision to make this recommendation, but Goodyear has the opportunity to respond before a formal recommendation is issued. Similar notices also have been sent to the company's former chief financial officer and former chief accounting officer.

    Goodyear said the company and its former officers are cooperating with the SEC.


    From Rubber & Plastics News

    RECOMMENDED FOR YOU
    Elastomers for Sustainability III - Final call for entries
    Elastomers for Sustainability III - Final call for entries
    Guizhou Tyre starts up Vietnam plant
    Guizhou Tyre starts up Vietnam plant
    Avon Rubber expects 40% rise in half-year sales 
    Avon Rubber expects 40% rise in half-year sales 
    Free Newsletters

    Breaking news and in-depth coverage of essential topics delivered straight to your inbox.

    Subscribe today

    Get the latest news impacting the European rubber industry, from breaking news to razor-sharp analysis, in print and online.

    Subscribe now
    Connect with Us
    • LinkedIn
    • Twitter
    • Youtube

    Logo
    Contact Us

    @ 2019 European Rubber Journal. 
    European Rubber Journal is published bi-monthly by NUERJ Ltd.

    Registered Office: Castle House, 89 High Street,
    Berkhamsted, Hertfordshire HP4 2DF, United Kingdom. 

    Tel. + 44 (0)203 196 0141 

    Registered No. 13104613 England

    Email: [email protected]

    Website www.european-rubber-journal.com

    Customer service 

    Tel. + 44 (0)203 196 0141 

     

    Resources
    • About us
    • Contact Us
    • Advertise with Us
    • Media Kit
    • Ad Choices Ad Choices
    • Sitemap
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Copyright © 2021. NUERJ LTD. All Rights Reserved.
    • News
    • Technology Focus
      • Features
      • Technical Papers
    • Events
      • ERJ Events
      • ERJ Livestreams & Webinars
      • Industry Events
    • Maps & Reports
    • People
    • Directory
    • Digital Edition
    • Brainiac