PPG Industries, Inc. (NYSE: PPG)
Hagens Berman Sobol Shapiro LLP reminds investors in PPG Industries, Inc. (NYSE: PPG) of the July 19, 2018 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Central District of California.
If you purchased or otherwise acquired shares of PPG between April 24, 2017 and May 10, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing PPG@hbsslaw.com.
On May 10, 2018 PPG announced it fired its chief accounting officer in connection with an internal investigation conducted by its Audit Committee.
The Audit Committee’s investigation, first reported on April 19, 2018, was apparently triggered by a report through PPG’s internal reporting system about potential violations of PPG’s accounting policies and procedures regarding the failure to accrue certain expenses in the first quarter of 2018.
In its May 10, 2018 announcement, PPG further advised its financial statements for the year ended December 31, 2017 and for the quarterly and year-to-date periods in 2017 should no longer be relied upon.
This news drove the price of PPG shares down $5.68, or about 5.4%, to close at $100.43 on May 11, 2018.
On June 28, 2018, The Wall Street Journal reported the Securities and Exchange Commission is investigating PPG after it fired its chief accounting officer. In response, the price of PPG shares again fell.
“We’re focused on investors’ losses, details surrounding the firing of the chief accounting officer, and which of PPG’s senior officers may have knowingly violated Generally Accepted Accounting Principles,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding PPG should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email PPG@hbsslaw.com.
Hagens Berman purchases advertisements on search engines, social media sites and other websites. Transmission of the information contained or available through this website is not intended to create, and receipt does not constitute, an attorney-client relationship. If you seek legal advice or representation by Hagens Berman, you must first enter a formal agreement. All information contained in any transmission is confidential and Hagens Berman agrees to protect information against unauthorized use, publication or disclosure. This site is regulated by the Washington Rules of Professional Conduct.