RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased PPG Industries, Inc. (NYSE: PPG) (“PPG” or the “Company”) publicly traded securities between April 24, 2017 and May 10, 2018, inclusive (the “Class Period”).
PPG shareholders may, no later than July 19, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of PPG and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
PPG manufactures and distributes paints, coatings, and specialty materials in the United States and internationally.
The Class Period commences on April 24, 2018, when the company filed a Form 10-Q for the quarter ended March 31, 2017 with the SEC, which provided the company’s first quarter 2017 financial results and position. On April 19, 2018, after market-close, PPG issued a press release entitled ”PPG reports first quarter 2018 financial results[,]” disclosing 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. Following this news, the company’s shares fell $0.77 or 0.7% to close at $108.87 on April 20, 2018.
Then, on May 10, 2018, after market-close, PPG issued a press release entitled ”PPG provides update on Form 10-Q filing and internal investigation[,]” disclosing that: 1) 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; 2) PPG’s Former Vice President was terminated as of May 10, 2018; 3) PPG would be unable to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018; and 4) PPG’s financial statements for the 2017 year should not be relied upon. Following this news, the company’s shares fell $5.68 or over 5% to close at $100.43 on May 11, 2018.
If you are a member of the class, you may, no later than July 19, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.