LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a nationally recognized investors’ rights law firm, announces that on December 21, 2018, the Honorable R. Gary Klausner of the United States District Court for the Central District of California issued a ruling denying defendants’ motions to dismiss in Mild v. PPG Industries, Inc. GPM serves as the court-appointed Lead Counsel for a putative class of investors that purchased the securities of PPG Industries, Inc. (“PPG” or the “Company”) (NYSE: PPG) between January 19, 2017 and May 10, 2018. The action seeks to recover losses suffered by PPG investors arising from defendants’ alleged violations of the federal securities laws.
If you purchased shares of PPG between January 19, 2017 and May 10, 2018, and wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or by email to clinehan@glancylaw.com.
PPG is a Fortune 500 company that manufactures and distributes paints, coatings, and specialty materials. PPG is known for both its consistent and high-quality products as well as reporting solid and relatively stable earnings and financial results.
The case alleges that PPG and certain current and former officers of the Company violated the federal securities laws by making false statements about PPG’s financial results and earnings and/or by acting as control persons with respect to such statements. According the complaint, on April 19, 2018, PPG publicly disclosed that it received an internal report revealing potential violations of internal accounting policies and procedures and that, because of the internal report and the preliminary findings, the Audit Committee of PPG’s Board of Directors would immediately launch an investigation. On May 10, 2018, PPG announced that the investigation found evidence of improper accounting entries that were made by employees at the direction of a senior financial officer of PPG, who was terminated effectively immediately upon that date. On June 28, 2018, PPG announced that it had concluded its investigation and, based on the investigation’s findings, PPG issued restatements for its annual consolidated financial statements for 2016 and 2017, as well as quarterly financial statements for the fourth quarter of 2016 and all quarters in 2017.
In its order denying defendants’ motions to dismiss, the Court held that the complaint adequately alleges that the misstatements were material and that the former PPG officer who had directed the accounting entries had acted with scienter. The Court further held that the complaint adequately alleged that the former officer’s scienter should be imputed to the Company.
As a result of the ruling, the lead plaintiff and the putative class will now be able to conduct discovery and begin preparing the case for trial. As lead counsel for the putative class, GPM attorneys Lionel Glancy, Robert V. Prongay, Jason Krajcer, Leanne Heine Solish, and Charles Linehan, achieved this result for investors.
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