Wednesday, August 17, 2005

Goodyear Joins the Wells Notice Club

Goodyear Tire & Rubber Co. disclosed that an SEC investigation begun in November 2003 may be nearing its completion with the Enforcement Division staff sending the company a Wells Notice that the staff intends to recommend a civil securities enforcement action.  The investigation arose out of Goodyear's restatement of its earnings related to internal control weaknesses, and the company's press release (here) states that "the SEC staff intends to recommend that a civil or administrative enforcement action be brought against Goodyear for alleged violations of provisions 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 procedures, and the periodic SEC filing requirements . . . ."  Goodyear disclosed that its former CFO and chief accounting officer also received Wells Notices from the SEC; Robert Tieken was Goodyear's CFO at the time of the 2003 restatement, and retired from the company in May 2004. (ph)

Civil Enforcement, Securities | Permalink

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