San Diego, CA -- (SBWIRE) -- 02/23/2012 -- The Shareholders Foundation announces that an investigation for stockholders of NYSE: LDL shares over potential breaches of fiduciary duties by certain officers and directors at Lydall, Inc. in connection with accounting issues over income taxes associated with dividends from a foreign subsidiary.
Investors who purchased shares of Lydall, Inc. (NYSE: LDL), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Lydall, Inc. (NYSE:LDL) concerning whether certain of its officers and directors have possibly breached their fiduciary duties owed to NYSE:LDL stockholders. Specifically, the investigation concerns whether certain statements regarding Lydall’s business, its prospects and its operations were potentially materially false and misleading at the time they were made.
On November 8, 2011, Lydall Inc. announced its third quarter 2011 financial results. Lydall, Inc disclosed among other things that it had discovered and corrected certain prior period errors related to the accounting for U.S. income taxes associated with dividends from a foreign subsidiary. Lydall, Inc said it evaluated these errors and determined that they were immaterial to each of the reporting periods affected. However, Lydall also said, that if the adjustments to correct the cumulative errors had been recorded in the quarter ended September 30, 2011, Lydall believes the impact would have been material to 2011 reuslts. As a result, so Lydall, it revised in the current filing previously reported quarterly results for the first and second quarters of 2011, the third and fourth quarters of 2010, as well as Lydall’s annual results for 2010, 2009 and 2008, for these income tax errors.
Shares of Lydall, Inc. (Public, NYSE:LDL) fell from as high as $11.62 per share on Nov. 3, 2011 to $9.02 on November 9, 2011 and fell on November 25, 2011 to as low as $7.75 per share.
Those who purchased shares of Lydall, Inc. (NYSE: LDL), have certain options and should contact the Shareholders Foundation.
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