PHILADELPHIA, Jan. 19, 2001 (PRIMEZONE) - Counsel for Class Plaintiff, Barrack, Rodos & Bacine, today issued the following:
A class action has been commenced in the United States District Court for the Middle District of Tennessee on behalf of all persons who purchased the common stock and American Depository Receipts ("ADRs") for the common stock of Bridgestone Corporation (Nasdaq:BRDCF) (Nasdaq:BRDCY) ("Bridgestone" or the "Company") between March 31, 1998 and August 31, 2000, inclusive (the "Class Period").
The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing a series of material misrepresentations to the market during the Class Period. Specifically, the complaint alleges that during the Class period, Bridgestone and its U.S. subsidiary, Bridgestone/Firestone, had knowledge of thousands of claims for and complaints concerning ATX tire failures, especially ATX tires manufactured at Bridgestone/Firestone's Decatur, Illinois, plant during and after a bitter 1994-1996 strike, due to design and manufacturing defects that resulted in over 2,200 rollover accidents, over 500 serious injuries and approximately 150 fatalities by 2000. Nevertheless, according to the complaint, Bridgestone made false and misleading statements about the effectiveness and integrity of its product design, testing and manufacturing processes and the quality and safety of its products, while concealing its growing awareness of the problems with and defects in the ATX radial tires. The complaint alleges that Bridgestone also failed to properly account for or disclose the prospective cost of these product failures and associated remedial costs, thereby materially misstating its financial condition and reporting inflated earnings during the Class Period.
The plaintiff seeks to recover damages on behalf of all purchasers of Bridgestone securities during the Class Period. They are represented by the law firm of Barrack, Rodos & Bacine, which has extensive experience in prosecuting investor class actions involving financial fraud. Barrack, Rodos & Bacine has prosecuted securities, antitrust and consumer class actions for over 20 years. The firm has offices in Philadelphia, San Diego, New York, Boston and New Jersey and has been designated lead counsel by federal and state courts across the country in large, complex securities class actions, including those against Cendant Corp. (the largest securities class action in United States history), McKesson HBOC, Inc., Informix Corporation, Sunbeam Corporation and hundreds of others. For more information about Barrack, Rodos & Bacine, please visit their Website at www.barrack.com.
If you are a member of the Class described above, you may, no later than March 6, 2001, move the Court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this case or your rights or interests, please contact Maxine S. Goldman, Shareholder Relations Manager, at Barrack, Rodos & Bacine, 3300 Two Commerce Square, 2001 Market Street, Philadelphia, PA 19103, at 800-417-7305 or 215-963-0600, fax number 888-417-7306 or 215-963-0838 or by e-mail at msgoldman@barrack.com.
More information on this and other class action lawsuits can be found at www.primezone.com/ca