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Industry: Email Alert RSS FeedShareholder suit claims Dana made secret deals; Executives accused of hiding impact of rising steel costs.(Suppliers)
Automotive News Europe, September, 2006
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Byline: Robert Sherefkin
In a March 2004 conference call, Dana Chief Financial Officer Robert Richter assured analysts that rising steel prices would have no impact on earnings. Their enthusiastic response helped drive up Dana's share price 5 percent the next week.
Two and a half years later, Richter is gone and Dana is in US Chapter 11 bankruptcy protection. And a securities-fraud complaint filed last week in US federal court alleges that Dana entered into secret agreements with vendors to hide price increases and inflate earnings.
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Shareholders allege in the suit, filed in ...
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