Dana In Hot Water Over Accounting Practices

Law360, New York (February 1, 2006, 12:00 AM EST) -- The Securities and Exchange Commission has issued a formal order of investigation to determine whether auto parts maker Dana Corporation’s accounting practices were illegal.

In a filing with the SEC, the Ohio-based company, which said it would cooperate fully with the investigation, stated the potential violations concern incorrect entries in financial statements.

The entries were related to a customer agreement in the company’s commercial vehicle unit.

The news comes less than three months after Dana said it would not restate its earnings for the past two...
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