SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the publicly traded securities of PPG Industries, Inc. (“PPG” or the “Company”) (NYSE: PPG) between April 19, 2018 and May 10, 2018, inclusive (the “Class Period”).
If you purchased or otherwise acquired PPG’s publicly traded securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than July 19, 2018. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
PPG investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the PPG Securities Class Litigation
PPG, incorporated in Pennsylvania and with its principal manufacturing, distribution, and R & D centers in California, manufactures and distributes paints, coatings, and specialty materials in the United States and internationally.
On April 19, 2018, PPG issued a post-market closing press release stating that (1) the Company received a report through its internal reporting system about potential violations of its accounting policies which identified certain expenses that should have been accrued in the first quarter of 2018; and (2) that the Audit Committee of the Board was conducting an ongoing investigation. On May 10, 2018, PPG issued a second press release which detailed three additional items which would impact their first quarter results: (1) failure to record a $1.4 million amortization expense; (2) understatement of an accrued health insurance liability of $500,000; and (3) failure to record an increase in the value of inventory abroad due to inflation of raw materials. The investigation also uncovered “improper reclassifications” and improper shifting of pre-tax expenses. The investigation uncovered evidence that the improper accounting entries were directed by Mark Kelly, the Company’s former Vice President and Controller. The Company placed Kelly on administrative leave on April 25, 2018 and he was subsequently terminated on May 10, 2018.
The pending securities action alleges that PPG made false and/or misleading statements and/or failed to disclose that: (1) PPG’s consolidated 2017 annual and quarterly financial statements contained improper accounting entries and could no longer be relied on; (2) PPG failed to maintain adequate internal controls; and (3) as a result, the Company’s financial statements were materially false and misleading at all relevant times.
On April 20, 2018, the Company’s shares fell $0.77 or 0.7% to close at $108.87. On May 10, 2018, following the second press release, the Company’s shares fell $5.68 or over 5% to close at $100.43 on May 11, 2018. PPG’s investigation is ongoing and PPG has agreed to file its first quarter 2018 10-Q by November 10, 2018.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for 15 years. In compiling the list, the NLJ examines recent verdicts and settlements and looks for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 selected Lieff Cabraser as one of the “Top 50 Law Firms Nationwide for Litigation,” highlighting our firm’s “laser focus” and noting that Lieff Cabraser routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” The publication separately named our firm one of five “2017 California Powerhouses,” the only plaintiffs' firm on the list. Best Lawyers and U.S. News named Lieff Cabraser as a “Law Firm of the Year” from 2012 through 2016, and the firm has received a number of other recent honors, awards, and recognition, including the National Law Journal’s “Elite Trial Lawyers,” Law360’s “Most Feared Plaintiffs’ Firms,” and Benchmark Litigation's “Top 10 Plaintiffs Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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