Dana Says SEC Opens Formal Investigation
Probe Involves Company's Restated Earnings
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Dana, which makes axles, brakes and chassis-component systems, said most of the accounting errors involved customer price increases and supplier reimbursement costs, Bloomberg reported.
ehicle-parts supplier Dana Corp. Wednesday said the Securities and Exchange Commission is formally investigating financial restatements that forced the company to restate some earnings, Bloomberg reported.
Dana said in a federal filing that it is cooperating with the agency. A formal probe requires gives investigators subpoena power, Bloomberg said.
Dana restated 5 1/2 years of financial results in December, reducing its net income by $44 million, almost a fifth of the profit it had reported. (Click here for previous coverage.)
