RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that an investor class action lawsuit has been filed against PPG Industries, Inc. (NYSE: PPG) (“PPG”) on behalf of purchasers of PPG publicly traded securities between April 24, 2017 and May 10, 2018, inclusive (the “Class Period”).
PPG investors who purchased securities during the Class Period may, no later than July 19, 2018, seek to be appointed as a lead plaintiff representative of the class.
Investors who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys James Maro, Jr. or Adrienne Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/ppg-industries-inc#join
According to the complaint, PPG manufactures and distributes paints, coatings, and specialty materials in the United States and internationally.
The Class Period commences on April 24, 2018, when the company filed a Form 10-Q for the quarter ended March 31, 2017 with the SEC, which provided the company’s first quarter 2017 financial results and position.
According to the complaint, on April 19, 2018, after market-close, PPG issued a press release entitled “PPG reports first quarter 2018 financial results[,]” disclosing 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.
Following this news, the company’s shares fell $0.77 or 0.7% to close at $108.87 on April 20, 2018. Then, on May 10, 2018, after market-close, PPG issued a press release entitled “PPG provides update on Form 10-Q filing and internal investigation[,]” disclosing that: 1) PPG’s Audit Committee found evidence that improper accounting entries were made by certain employees at the direction of PPG’s former Vice President and Controller; 2) PPG’s Former Vice President was terminated as of May 10, 2018; 3) PPG would be unable to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018; and 4) PPG’s financial statements for the 2017 year should not be relied upon.
Following this news, the company’s shares fell $5.68 or over 5% to close at $100.43 on May 11, 2018.
The complaint alleges that during the Class Period, the defendants misrepresented 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; (2) PPG failed to maintain adequate internal controls; and (3) as a result, the defendants’ public statements were materially false and misleading at all relevant times.
PPG investors may, no later than July 19, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.