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Case ID: 4205 | Stocks | 03/01/2005
A lawsuit has been filed in the United States District Court for the Eastern District of Michigan, on behalf of persons who purchased or otherwise acquired publicly traded securities of Visteon Corp. ("Visteon" or the "Company") between January 23, 2004 and January 31, 2005, inclusive, (the "Class Period"). The lawsuit was filed against Visteon, Peter Pestillo, Michael Johnston, Glenda J. Minor, Daniel R. Coulson and James Palmer ("Defendants").
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that the Defendants failed to disclose or misrepresented that the Company continued to maintain unprofitable product lines even when faced with declining North American auto sales and higher raw material costs, that the Company was overly dependant upon Ford Motor Co., with 70% of the Company's revenue coming from Ford, that the Company adequately failed to control costs, that the Company failed to properly account for certain retiree health care and pension benefits and income taxes, and that as a result of the foregoing, the Company's financial results were not presented in accordance with Generally Accepted Accounting Principles ("GAAP"). On January 31, 2005, Visteon announced preliminary fourth quarter and full year results for 2004. The Company recorded a net loss of $11.88 per share. In addition, the Company recommended the review and preliminary restatement of its financial statements for 2002, 2003 and the first three fiscal quarters of 2004. Shares of Visteon declined in reaction to the news, falling $0.51 per share, or 6.4% on January 31, 2005 to close at $7.42 per share. If you bought Visteon securities between January 23, 2004 and January 31, 2005, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Internet service companies are more necessary than ever in today’s high-tech economy. Several class actions have been filed against the officers and directors of telecommunications networking equipment provider Redback Networks, Inc. (Nasdaq: RBAKQ) by stockholders who purchased the company's common stock between April 12, 2000, and October 10, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. Several class actions have been filed against specialty chemical manufacturer Ferro Corporation (NYSE:FOE) and certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2003, and July 22, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. According to a law firm press release dated June 12, 2008 a class action has been commenced on behalf of an institutional investor on behalf of U.S. citizens who purchased the publicly traded stock of European Aeronautic Defence & Space Co. ("EADS" or the "Company") on the Frankfurt (Frankfurt: EAD.F), Madrid (Mercado Continuo: EAD.MC) and/or Paris (Paris: EAD.PA) stock exchanges.
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