Law firms in Pennsylvania, Maryland, Connecticut, and Colorado are looking for Dana Corp. shareholders to represent in a potential class-action lawsuit against the Toledo auto supplier.
A lawsuit filed in U.S. District Court in Toledo alleges Dana inflated its profits and then revised its earnings, causing the company's stock price to fall sharply and harm investors. Milberg Weiss Bershad & Schulman LLP filed a suit on Tuesday on behalf of a New York shareholder. But by late yesterday, six law firms announced they had or intended to file such suits.
Dana's stock closed 22 cents lower yesterday at $8.86 a share on the New York Stock Exchange.