Dana Execs Lose Bid To Toss Accounting Fraud Action

Law360, New York (April 1, 2011, 9:25 PM EDT) -- An Ohio federal judge on Thursday refused to toss a class action accusing executives of auto parts maker Dana Corp. of accounting fraud in connection with a 2005 restatement.

The plaintiffs, institutional investors who owned Dana stock, have adequately made a case that four company executives deliberately fudged their revenue numbers to save their jobs, Judge James G. Carr of the U.S. District Court for the Northern District of Ohio said.

“To be sure, accounting violations themselves to do not show scienter,” Judge Carr said. “But...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Hawaii Ironworkers Annuity Trust Fund v. Cole et al


Case Number

3:10-cv-00371

Court

Ohio Northern

Nature of Suit

Securities/Commodities

Judge

James G. Carr

Date Filed

February 17, 2010

Law Firms

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.