San Diego, CA -- (SBWire) -- 06/04/2018 --An investor, who purchased shares of PPG Industries, Inc. (NYSE: PPG), filed a lawsuit over alleged Securities Laws violations by PPG Industries, Inc..
Investors who purchased shares of PPG Industries, Inc. (NYSE: PPG),have certain options and for certain investors are short and strict deadlines running. Deadline: July 19, 2018. NYSE: PPG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that between April 24, 2017 and May 10, 2018, the defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) PPG's consolidated financial statements for the year ended December 31, 2017 and the quarterly financial statements of 2017 contained improper accounting entries and could no longer be relied upon; (2) PPG failed to maintain adequate internal controls; and (3) as a result, defendants' public statements were materially false and misleading at all relevant times.
On May 10, 2018, post-market, PPG disclosed that the Company's Audit Committee had found evidence that improper accounting entries were made by certain employees at the direction of its former vice president and controller. PPG's former vice president was placed on administrative leave on April 25, 2018 and terminated effective May 10, 2018, while two employees who acted under the former vice president's direction have been reassigned to different roles. Concurrently, PPG advised investors that its financial statements for the year 2017 should not be relied upon and that the Company will be unable to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
Shares of PPG Industries, Inc. (NYSE: PPG) grew from $90.48 per share in October 2017 to as high as$121.50 per share in January 2018.
On May 10, 2018, post-market, PPG Industries, Inc. disclosed that the Company's Audit Committee had found evidence that improper accounting entries were made by certain employees at the direction of its former vice president and controller. PPG Industries' former vice president was placed on administrative leave on April 25, 2018 and terminated effective May 10, 2018, while two employees who acted under the former vice president's direction have been reassigned to different roles. Concurrently, PPG Industries, Inc. advised investors that its financial statements for the year 2017 should not be relied upon and that the Company will be unable to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
Shares of PPG Industries, Inc. (NYSE: PPG) declined to $100.43 per share on May 11, 2018.
Those who purchased shares of PPG Industries, Inc. (NYSE: PPG) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
NYSE:PPG Shareholder Notice: Lawsuit Alleges Misleading Statements by PPG Industries, Inc
A lawsuit was filed on behalf of investors in PPG Industries, Inc. (NYSE: PPG) shares over alleged securities laws violations.