Automotive supplier Dana has finalized the restatement of its profits over the last five years, reducing its stated net income by $44M - approximately 20% of its profit over that period of time. Since the stock already took a 30% hit upon the first announcement of the accounting problems, there was no further significant drop.
This, of course, is simply the latest in a long line of accounting woes that have plagued the auto industry, and is certainly doing little to improve investor or consumer confidence. Some of these restatements are likely due to the Sarbanes-Oxley Act of 2002, but one would have thought that such restatements would not be coming out over three years after the passage of the new accounting regulations.


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