Financial Accounting Blog

Monday, February 16, 2004 In a recently filed 8-K, Goodyear reports that it is now under formal investigation by the SEC regarding its restatement of five plus years of earnings. Previously, the investigation was informal. As a result Goodyear faces numerous lawsuits, credit ramifications, and the inability to post 2003 results by the March 15 deadline.
The probe stems from the company's Oct. 22 announcement on that it would restate its results for the five years ended 2002 and for the first and second quarters of 2003. As a result of the restatement, 36 lawsuits have been filed against the company and some of its current and former directors and officers, Goodyear said in an 8-K filed Wednesday.