BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of Dynamic Materials Corporation (“Dynamic Materials” or the “Company”) (NASDAQ:BOOM) concerning possible violations of federal securities laws. The investigation is focused on the Company’s operations and financial performance. Dynamic Materials manufactures explosion-welded clad metal plates and oil and gas well perforation products and provides welding services worldwide.
The investigation is related to the Company’s March 5, 2015, announcement that the Company plans to restate its consolidated financial statements for the years ended December 31, 2013 and 2012, the four quarters of 2013, and the first, second and third quarters of 2014. The Company stated that the relevant financial statements and related disclosures for these periods should no longer be relied upon.
According to a Company press release, the restatement is related to “incorrectly accounted for income tax expense and related deferred tax assets and liabilities at its business entities in Germany.” The Company further disclosed that an investigation by management determined that a restatement of the related consolidated financial statements and a reevaluation of internal controls was necessary. Following this news, Dynamic Materials shares fell $0.67 per share, to close at $14.86 per share on March 6, 2015.
If you purchased Dynamic Materials shares, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.