AKRON (Aug. 16, 2005) — Goodyear has received a “Wells Notice” from the staff of the Securities and Exchange Commission (SEC), meaning the agency intends to recommend civil or administrative enforcement action against the tire maker.
The move stems from the SEC's investigation of Goodyear's restatement of financial results, which the Akron-based tire maker announced in October 2003. The SEC notice means actions can be brought against Goodyear for alleged violations of the Securities and Exchange Act of 1934 relating to the maintenance of books, records and internal accounting controls, the establishment of disclosure controls and the periodic SEC filing requirements, the company said.
According to the notice, the SEC staff has made a preliminary decision to make this recommendation, but Goodyear has the opportunity to respond before a formal recommendation is issued. Similar notices also have been sent to the company's former chief financial officer and former chief accounting officer.
Goodyear said the company and its former officers are cooperating with the SEC.