RPM is an American multinational company with subsidiaries that manufacture and market high-performance specialty coatings, sealants and building materials for international industrial, specialty, and consumer markets.
On September 9, 2016, the U.S. Securities Exchange Commission ("SEC") filed a complaint against RPM with allegations of accounting fraud. The complaint follows RPM's failure to appropriately and timely disclose a loss contingency, or document an accrual for an investigation by the U.S. Department of Justice (the "DOJ investigation"). According to the SEC's complaint, a public company with a loss contingency, i.e., a lawsuit or government investigation, is obligated under accounting principles and the securities laws to (1) report the loss contingency if a material loss is reasonably possible, and (2) document an accrual for the loss contingency if a material loss is probable and reasonably estimable. RPM was facing a material loss that was probable and reasonably estimable, but the Company failed to report the loss contingency or document an accrual on its books when required to do so. Following this news RPM stock dropped and closed at $51.75 per share, trading at unusually high volume on September 9, 2016.
If you are aware of any facts relating to this investigation, or purchased shares of RPM, you can assist this investigation by visiting the firm's site: http://www.bgandg.com/rpm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
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
212-697-6484 | firstname.lastname@example.org
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