STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of PPG Industries, Inc. (NYSE: PPG) (“PPG” or the “Company”) securities during the period between April 24, 2017 through May 10, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until July 19, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in PPG securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that 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 PPG failed to maintain adequate internal controls.
According to the complaint, following an April 19, 2018 press release announcing 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, and a May 10, 2018 press release announcing 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, PPG’s Former Vice President was terminated as of May 10, 2018, PPG would be unable to timely file its Quarterly Report for the quarter ended March 31, 2018, and PPG’s financial statements for the 2017 year should not be relied upon, the value of PPG declined significantly.
If you have suffered a loss in excess of $100,000 from investment in PPG securities purchased on or after April 24, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.