SEC Planning Action Against Goodyear
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Goodyear Tire & Rubber Co. said the Securities and Exchange Commission was preparing to sue the company over improper internal billing that prompted an investigation.
The SEC sent a Wells notice, which warns that its staff plans to recommend civil or administrative action for alleged violations of its rules, the Akron, Ohio-based company said. Such notices also were sent to Robert Tieken, a former chief financial officer, and Stephanie Bergeron, a former chief accounting officer, Goodyear spokesman Keith Price said.
Goodyear’s accounting has been the subject of an SEC probe since November 2003, when the company restated results for part of that year and for several previous years, reducing net income by $84.7 million.
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