SAN DIEGO & PITTSBURGH--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of PPG Industries, Inc. (NYSE: PPG) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between April 24, 2017 and May 10, 2018. PPG manufactures and distributes paints, coatings, and specialty materials in the United States and internationally.
View this information on the law firm's Shareholder Rights Blog:
PPG Accused of Implementing Inadequate Financial Controls
According to the complaint, despite assuring investors that its financial statements were accurate, PPG in fact had serious deficiencies in its internal control over financial reporting. On April 19, 2018, PPG began to reveal the extent of these shortcomings, noting that the company received a report concerning potential violations of its accounting policies and identifying certain expenses that should have been accrued in the first quarter. Then, on May 10, 2018, PPG disclosed that certain employees made improper accounting entries at the direction of PPG's former Vice President and Controller, who was terminated as of May 10, 2018. In addition, PPG announced that its financial statements for 2017 should not be relied upon and that it would be unable to timely file its Form 10-Q for the quarter ended March 31, 2018. As the discouraging news about PPG began to be revealed to the market, PPG's stock fell over 8% on May 11, 2018.
PPG Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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