July 14, 2016 - Parties filed a stipulation of settlement.
September 1, 2011 - The court granted in part and denied in part the defendants' motions for reconsideration.

July 1, 2011 - The defendants filed motions for reconsideration of their motions' to dismiss.

March 31, 2011 - The court denied the defendants' motions to dismiss.

July 15, 2010 - The defendants filed motions to dismiss.

May 13, 2010 - The lead plaintiff and lead counsel were appointed.

April 23, 2010 - A lead plaintiff motion was filed.

February 18, 2010 - An investor in shares of Dana Corporation (NYSE: DCN) filed a lawsuit in the U.S. District Court for the Northern District of Ohio filed a lawsuit against certain individual defendants over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 23, 2005 and October 7, 2005.

The complaint alleges that Dana Corporation orchestrated financial manipulations that were designed to, and did, artificially inflate the financial results of the Heavy Vehicle Group and its CVS division as well as Dana Corporation itself. The deceptive accounting manipulations perpetrated by defendants included: (a) recognizing sales transactions” without a prerequisite transfer of assets and/or risk of loss; (b) recording sham transactions whereby debts owed to Dana’s suppliers were eliminated without contractual basis or support and over the objections of its suppliers; (c) issuing fictitious invoices called “debit memos” which had no contractual basis; (d) recognizing revenue on price increases that were never agreed to and, in some cases, were affirmatively disputed by Dana Corporation’s customers; and (5) failing to record bona-fide steel surcharges incurred by Dana Corporation.

On September 15, 2005,nearly two months after Dana Corporation announced a nearly 300% quarter-to-quarter earnings increase and reaffirmed FY05 earnings guidance of $1.30-$1.45 per share, Dana Corporation’s management further shocked the market by announcing that it was slashing FY05 earnings
guidance to no more than $0.70 per share and by revealing that Dana Corporation was “likely” to restate its previously reported financial statements.

On September 15, 2005, the price of Dana Corporation (NYSE: DCN) stock dropped more than 20% on substantial volume of almost 8 million shares, more than eight times the average trading volume. Dana Corporation’s stock continued to fall another 10% for the next few days.

On October 10, 2005, Dana Corporation issued a release announcing that its financial statements could “no longer be relied upon” and that Dana Corporation would be restating its FY04, 1Q05 and 2Q05 financial statements and writing off its deferred tax assets. Noting that the restatement would not, as previously indicated, be confined just to its 2Q05 financial statements.

The price of Dana Corporation (NYSE: DCN) shares dropped 35%, or $3.15 per share, on record heavy trading of almost 9 million shares. Dana Corporation's debt securities similarly declined by approximately 10%.

On February 27, 2006, Dana Corporation announced that it was in discussions with banks and financial institutions regarding financing alternatives. Two days later, on February 29, 2006,Dana Corporation's management issued a release reporting that Dana Corporation had defaulted on $21 million of interest payments on its debt.

On March 3, 2006, Dana filed for bankruptcy.