Dana Holding Corporation Announces SEC Settlement of 2004-2005 Accounting Issues
Sep 11, 2009
TOLEDO, Ohio, Sept. 11 /PRNewswire-FirstCall/ -- Dana Holding Corporation (NYSE: DAN) today announced that it has reached a settlement with the U.S. Securities and Exchange Commission, bringing to a close the investigation initiated by the SEC in November 2005 of certain matters related to the restatement of the former Dana Corporation's financial statements for fiscal year 2004 and the first two quarters of 2005. No fines or penalties were imposed on the company.
In consenting to a cease and desist order, Dana Holding Corporation - as successor registrant to Dana Corporation - agreed to comply with various provisions of the federal securities laws. Dana cooperated fully with the SEC throughout its investigation.
As previously described in the company's SEC filings, the prior deficient internal controls were remediated in 2007 and Dana's independent auditors have confirmed the effectiveness of the numerous remedial actions to ensure internal control over financial reporting since that time.
About Dana Holding Corporation
Dana is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal-management products; as well as genuine service parts. The company's customer base includes virtually every major vehicle manufacturer in the global automotive, commercial vehicle, and off-highway markets. Based in Toledo, Ohio, the company employs approximately 22,500 people in 26 countries and reported 2008 sales of $8.1 billion. For more information, please visit: www.dana.com.
SOURCE Dana Holding CorporationPhoto: http://www.newscom.com/cgi-bin/prnh/19990903/DANA
SOURCE: Dana Holding Corporation
Web site: http://www.dana.com/