Auto Parts Makers Face Class Action Suits

Law360, New York (October 6, 2005, 12:00 AM EDT) -- Delphi Corp. and Dana Corp, two U.S. auto-parts makers, are facing class action lawsuits accusing them of making false statements and intentionally misleading investors about company profits.

The suit against Dana Corp, an Ohio-based company, alleges that the company “artificially inflated Dana’s net income through improper accounting and, in addition, issued incorrect guidance that lacked any reasonable basis given the Company’s true performance and process, which was known to defendants but not to the investing public.”

The suit also names the company’s top executives, CEO Michael...
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