Three more class-action lawsuits have been filed against
FirstEnergy Corp. after the Akron utility announced last week it
will restate earnings going back to 2002.
Two law firms in Pennsylvania, Schiffrin & Barroway and
Brodsky & Smith, and one in New York, Cauley Geller, which
specialize in class-action lawsuits, filed the suits Tuesday and
Wednesday in U.S. District Court for the Northern District of Ohio.
The suits allege FirstEnergy executives violated federal securities
laws by artificially inflating the value of FirstEnergy securities,
the firms said.
Another firm filed a similar suit Friday
UAW to represent Dana Corp.
Auto parts maker Dana Corp. said Wednesday that the United Auto
Workers will begin representing workers at its U.S. plants that make
parts for DaimlerChrysler AG, Ford Motor Co. and General Motors
The Toledo-based company and the union would not say how many
workers or plants will be included in the collective bargaining.
Limited Too posts loss, lowers
Girls retailer Limited Too on Wednesday reported a $3.8 million
loss in the second quarter and lowered its earnings estimate for the
third quarter because of weak sales for the early back-to-school
Limited Too shares closed down $1.46 to $14.40 on the New York
The company reported a loss of 11 cents a share for the quarter
that ended Aug. 2 compared with a profit of $5.5 million, or 16
cents a share, a year ago.
USS swaps business segment with
U.S. Steel Corp. on Wednesday said it will trade its steel plate
business for Cleveland-based International Steel Group Inc.'s
chemical treatment line at Indiana Harbor Works, East Chicago,
The swap, which includes U.S. Steel's plate mill at Gary Works,
Gary, Ind., will allow Pittsburgh-based U.S. Steel to focus on its
sheet products, the company said.
Plate products account for about 3 percent of U.S. Steel's
domestic steel shipments.
GE cutting Warren and Austintown
Hurt by slow orders and high inventory, General Electric Co. will
eliminate 78 jobs at its Warren lamp plant and 14 at its Austintown
filament plant on Sept. 2, company and union officials said.
International Union of Electrical Workers-Communication Workers
of America Local 722 represents the 405 hourly workers at the Warren
plant. The Austintown layoffs will reduce the plant's work force to
Pioneer-Standard proposes new
Pioneer-Standard Electronics Inc., a leading provider of
enterprise computer solutions, said Wednesday it wants to change the
company name to Agilysys Inc. (pronounced ``A-jil-e-sis'').
``The proposed new name will more clearly differentiate our
organization within the industry, as well as in the eyes of our
customers, suppliers and investors,'' said Arthur Rhein, chairman,
president and chief executive officer.
The proposal must be approved by shareholders; results of voting
will be announced Sept. 12.
Federated earnings fall 50% for
Federated Department Stores said Wednesday that earnings fell by
more than half in the second quarter compared with a year ago, when
it reported a big gain from the sale of part of its catalog and
The Cincinnati-based operator of such chains as Macy's and
Bloomingdale's reported a profit of $120 million, or 64 cents a
share, for the quarter that ended Aug. 2, compared with profits of
$282 million, or $1.39 per share, a year ago.
Southwest leads all carriers during
Low-fare king Southwest Airlines carried more domestic passengers
than any other carrier during May, as passengers continued to flock
to discount airlines and major carriers cut back flights.
It was the first time a discount airline topped the ranking for
U.S. passengers, according to the U.S. Department of Transportation,
which released the traffic report Tuesday.
Southwest carried 6.5 million domestic passengers during May,
beating Delta Air Lines, which carried 6.3 million passengers, and
American Airlines, which had 6.2 million passengers.
Marconi will lay off 230 at Lorain
The telecommunications equipment manufacturing division of
Marconi Communications will cease operations and lay off about 230
people at its Lorain plant over the next 18 months.
After the layoffs are completed, Marconi will employ slightly
more than 300 people in Lorain, a company spokesman said
C. Paul Stocker started the business as Lorain Products Corp. and
sold it to Reliance Electric of Cleveland for $37.5 million in
Stocker patented the frequency changer, which converted a
commercial frequency to one used for ringing telephone