NEW YORK, July 10, 2018 (GLOBE NEWSWIRE) -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against PPG Industries, Inc. ("PPG" or the "Company") (NYSE:PPG) and certain of its officers, on behalf of shareholders who purchased PPG securities between April 24, 2017 and May 10, 2018, both dates inclusive (“Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/ppg.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
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, while 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. On this news, PPG's share price has fallen sharply post-market on May 10, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/ppg. or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in PPG you have until July 19, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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