Shareholder Lawsuits Filed Against Bridgestone

A $110-million Michigan pension fund and a Colorado woman have filed shareholder lawsuits against Bridgestone Corp., accusing the Japanese company of covering up defects in its tires to keep its stock price and earnings inflated. The suits, filed this month in U.S. District Court in Nashville, seek class-action status for all stockholders who lost money because of fallout from the massive tire recall by Bridgestone’s Nashville-based unit, Bridgestone/Firestone Inc. The two Nashville filings are believed to be the first shareholder lawsuits against the tire maker. Since Bridgestone announced the massive tire recall in August, its American depositary receipts have fallen from roughly $250 a share to less than $100 on the NYSE. They closed at $95, up $2.