Goodyear Gets Wells Notice

Notices were also issued to a former CFO and a former chief accounting officer.
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Goodyear

(GT) - Get Report

received word that the

Securities and Exchange Commission

staff plans to recommend that a civil or administrative enforcement action be brought against the company for alleged violations of securities laws.

The company said Tuesday the allegations deal with its maintenance of books, records and internal accounting controls, the establishment of disclosure controls and procedures, and periodic SEC filing requirements.

Goodyear got a "Wells notice" from the SEC staff in connection with the commission's investigation into accounting matters included in the company's restatement of its financial results, which was announced in October 2003.

The Akron, Ohio, tiremaker first disclosed the probe in November 2003. A Wells notice indicates that the staff has made a preliminary decision to recommend the commission authorize a civil or administrative action against the recipient. Those who get Wells notices have the opportunity to respond to the SEC staff before it makes a formal recommendation.

Notices were also issued to a former Goodyear chief financial officer and a former chief accounting officer. Goodyear and its former officers are continuing to cooperate with the SEC.