Safirstein Metcalf LLP Announces that a Class Action has been Filed Against PPG Industries, Inc. – PPG
Safirstein Metcalf LLP announces that a class action lawsuit has been filed against PPG Industries, Inc. (NYSE:PPG) and certain of its officers, on behalf of shareholders who purchased PPG securities between the dates of April 24, 2017 and May 10, 2018, both dates inclusive (“Class Period”).
If you purchased PPG securities during the Class Period and would like more information about this class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, email info@SafirsteinMetcalf.com or use the convenient form on this page.
If you wish to serve as lead plaintiff, you must move the Court no later than July 19, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: 1. 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; 2. PPG failed to maintain adequate internal controls; and 3. as a result, Defendants’ public statements were materially false and misleading at all relevant times.
On May 10, 2018, post-market, PPG disclosed that the Company’s Audit Committee had found evidence that improper accounting entries were made by certain employees at the direction of its former vice president and controller. PPG’s former vice president was placed on administrative leave on April 25, 2018 and terminated effective May 10, 2018. Two employees who acted under the former vice president’s direction have been reassigned to different roles. Concurrently, PPG advised investors that its financial statements for the year 2017 should not be relied upon and that the company will be unable to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. Following this news, PPG’s share price has dropped sharply post-market on May 10, 2018.