DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, announces that a federal class action lawsuit has been filed against PPG Industries, Inc. (“PPG” or “Company”) (NYSE: PPG) and several officers and directors for acts taken during the period of April 24, 2017 and May 10, 2018 (the “Class Period”).
Based upon the allegations in the class action, the firm is investigating additional legal claims against the officers and Board of Directors of PPG. If you are an affected PPG shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org or call toll free at (888) 809-2750. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants’ misrepresented and/or failed to disclose during the Class Period that: (1) PPG’s consolidated financial statements for the year ended December 31, 2017 and quarterly financial statements for 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, PPG’s public statements were materially false and misleading at all relevant times.
On April 19, 2018, PPG disclosed that it had received a report concerning possible violations of its accounting policies and the identification of approximately $1.4 million of expenses that should have been accrued in the first quarter. Then on May 10, 2018, PPG announced that certain previously issued financial statements could no longer be relied upon. As part of the investigation, the Company also determined that “certain improper accounting entries were made by certain employees at the direction of the Company’s former vice president and controller,” whose employment was terminated. When this news was revealed to the market, the Company’s stock dropped significantly.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.