BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired the securities of PPG Industries, Inc. (“PPG” or the “Company”) (NYSE: PPG) between April 24, 2017 and May 10, 2018, inclusive (the “Class Period”). PPG investors have until July 19, 2018 to file a lead plaintiff motion.
Investors suffering losses on their PPG investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On May 10, 2018, after the market closed, PPG disclosed that it would be unable to file its quarterly report for the quarter ended March 31, 2018 on time. The Company further disclosed that, during an internal investigation into the Company’s accounting, it identified approximately $1.4 million in expenses that should have been accrued in the first quarter of 2018, and suspected there may have been $5 million in expenses that it improperly accrued in the first quarter.
On this news, PPG’s share price fell $5.68 per share, or more than 5%, to close at $100.43 per share on May 11, 2018, thereby injuring investors.
The complaint filed in this class action alleges that the Company made false and misleading statements to the marketplace. It alleges that the Company’s consolidated financial statements for the year ending December 31, 2017, and the quarterly statements of 2017 all contained improper accounting entries and could not be relied upon by the investing public. PPG also failed to sustain appropriate internal controls. As a result, the Company's financial statements were materially false and misleading throughout the class period and did not accurately reflect the results of business operations and the financial health of PPG.
If you purchased shares of PPG, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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