Class action lawsuit against Goodyear is dismissed
The Goodyear Tire & Rubber Co. reports that United States District Court Judge John Adams has ordered the dismissal of the class action lawsuit alleging securities fraud filed against the company and certain of its current and former officers. The suit relates to Goodyear's previous restatement of its financial results.
In its ruling yesterday, the Court found that the plaintiffs had failed to sufficiently set forth particularized facts to support their claim.
"We are pleased that the Court has dismissed the lawsuit, which we have always believed to be without merit," said C. Thomas Harvie, Goodyear senior vice president and general counsel.
Goodyear also has asked the Court to dismiss two companion cases pending before Judge Adams: a shareholder derivative action and an action based on alleged ERISA violations.