NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired PPG Industries, Inc. (NYSE: PPG) securities between April 24, 2017 and May 10, 2018 (the “Class Period”). Investors have until July 19, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On May 10, 2018, PPG announced that an investigation by its Board of Directors’ Audit Committee found evidence that improper accounting entries were made by certain employees at the direction of the Company’s former Vice President and Controller. The former Vice President and Controller was put on administrative leave as of April 25, 2018, and his employment with the Company was terminated as of May 10, 2018. PPG further announced that two employees who acted under his direction have been re-assigned to different positions within the Company where they will not have a role in PPG’s internal control over financial reporting nor its disclosure control process.
The complaint alleges that defendants 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; and (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.
If you purchased or otherwise acquired PPG securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the PPG Industries lawsuit, please go to https://bespc.com/ppg-2/. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.