The Securities and Exchange Commission (SEC) has terminated its investigation into accounting matters included in Goodyear Tire & Rubber Co.'s restatement of financial results announced in October 2003 and also subsequent public filings.
"The (SEC) staff notified Goodyear that it will not recommend enforcement action against the company," say Goodyear officials.
In addition, Goodyear has been informed that the SEC has terminated its investigation and will not recommend enforcement action against the company's former chief financial officer and former chief accounting officer.
Goodyear first disclosed the existence of the SEC investigation in
November 2003.
It subsequently announced that the SEC staff had issued a Wells Notice in August 2005.
The Wells Notice stated that the SEC staff intended 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 periodic SEC filing requirements.
