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Shareholders file suit against Hayes Lemmerz

DETROIT - Hayes Lemmerz International Inc. filed five quarters of earnings statements incorrectly and is facing several shareholder lawsuits.

The supplier of wheel and suspension modules reported to the U.S. Securities and Exchange Commission that it filed erroneous earnings reports for the 2000 fiscal year and the first quarter of 2001. Hayes Lemmerz's 2000 fiscal year ended Jan. 31, 2001. The Northville, Mich., company reported the earnings misstatements Sept. 18.

The plaintiffs are shareholders who purchased Hayes Lemmerz stock between June 8, 2001, and Sept. 5, 2001, and contend they may have been harmed by the filings, according to the suits, which were filed in federal court in Detroit.

Hayes Lemmerz shares closed Friday, Oct. 19, at 90 cents.

Hayes Lemmerz underreported its losses for fiscal 2000. Initially it reported a loss of $41.8 million, but the actual loss was closer to $56.5 million.

It also reported a $7.6 million loss for its first quarter in 2001, which ended April 30, but it actually lost $34.7 million.

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