RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against PPG Industries, Inc. (NYSE:PPG) (“PPG” or the “Company”) on behalf of purchasers of the Company’s securities between April 24, 2017 and May 10, 2018, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased PPG securities during the Class Period may, no later than July 19, 2018, seek to be appointed as a lead plaintiff representative of the class. PPG investors are encouraged to immediately contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 and/or submit their information online at www.kaskelalaw.com/ppg-industries.
The shareholder class action complaint alleges that defendants made false and misleading statements and/or failed to disclose to investors during the Class Period that: (i) PPG’s consolidated financial statements for the year ended December 31, 2017 and the quarterly financial statements of 2017 contained improper accounting entries; and (ii) PPG failed to maintain adequate internal controls. The complaint further alleges that, as a result of the foregoing, investors purchased PPG’s securities at artificially inflated prices during the Class Period and sustained investment losses following the Company’s disclosures.
Specifically, on May 10, 2018, PPG disclosed that “[t]he Audit Committee of the Company’s Board of Directors is overseeing an investigation” that has “found evidence that … improper accounting entries were made by certain employees at the direction of the Company’s former vice president and controller.” Further, PPG reported that it had “concluded that the Company’s consolidated financial statements for the year ended December 31, 2017 included in its Annual Report … should no longer be relied upon.”
Following this news, shares of the Company’s stock declined $5.68 per share, or over 5%, to close on May 11, 2018 at $100.43, on heavy trading volume.
PPG investors are encouraged to immediately contact Kaskela Law and/or submit their information online at www.kaskelalaw.com/ppg-industries. Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.