Mike Burns and Bob Richter of Dana Corp.

A lawsuit has been filed and is seeking class action status in U.S. District Court in Toledo and claims top management used accounting manipulations to conceal financial results and mislead investors. Chairman and chief executive officer Mike Burns and chief financial officer Bob Richter allegedly falsified financial results between April, 2004 and October, 2005 which may have cost investors over $1 billion. Dana restated its earnings and chopped profits by $44 million over four years. Shares fell more than 70% from a high of $21 to $6.04. The case claims Mr. Burns and Mr. Richter concealed Dana's actual operating performance to avoid having to write down hundreds of millions of dollars of deferred tax assets.

Posted by
Mark gerard lemay
on June 22, 2019

I purchased 1151 common shares