ERJ staff report (DS)
Philadelphia, Pennsylvania -- Anyone who bought shares in Bridgestone Corp. during some of the year 2000 may be eligible for compensation, following the conclusion of a class action lawsuit in the US. Bridgestone has agreed to pay $30 million in cash in settlement of this case. These funds will be distributed to eligible claimants.
Anyone who purchased Bridgestone Corp. publicly traded common stock or American Depositary Receipts ("ADRs") during the period from March 30, 2000 to and including August 31, 2000 (the "Class Period"), and is not otherwise excluded from the Class, could receive a payment from the proposed settlement of a securities class action.
In a summary noticed authorised by the United States District Court for the Middle District of Tennessee, Nashville Division, claims administrators HR&S said, "The action arises from the August 9, 2000 voluntary recall by Bridgestone's US subsidiary, Bridgestone/Firestone, Inc., now known as Bridgestone Firestone North American Tire LLC ("Firestone") of certain ATX, ATX II, and Wilderness AT tires. The Action involves allegations that Defendants Bridgestone and Firestone made false and misleading statements in violation of Section 10(b) of the Securities Exchange Act of 1934. Plaintiffs contend that Defendants disseminated false and misleading statements designed to conceal and cover up alleged defects of the ATX tyres manufactured by Firestone. The Defendants deny that they did so or are liable in any respect. The Court did not decide which side was right. But both sides agreed to the settlement to resolve the case. The two sides disagree on how much money Class Members could have received had the lawsuit gone to trial. "
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Press release from HR&S