Goodyear escapes SEC action
No enforcement action over restated accounts
Tyre company Goodyear will not be discplined by the Securities &
Exchange Commission over accounting issues that led the tiremaker to restate
past financial results, the company said in a statement.
The regulator will not recommend any enforcement action be taken against the
company, an apparent reversal on the SEC’s stance in August when it said such
action was possible, AP reported.
Accounting issues led Goodyear to restate financial results after it
disclosed problems in October 2003 with an SEC investigation launched a month
later.
Goodyear, the US’s biggest tyre maker, announced in October 2003 that it
would restate financial results for the years ending 1998 through 2002 and for
the first and second quarters of 2003 with accounting problems attributed to a
system used to track the purchase of equipment for foreign factories.