SAN DIEGO, March 15, 2016 /PRNewswire/ -- Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating potential violations of the federal securities laws by Platform Specialty Products Corporation (NYSE: PAH) and certain of its officers. Platform produces and sells specialty chemical products in the Americas, Asia, and Europe.
On March 11, 2016, Platform announced after discussion with the Company's accounting firm, PricewaterhouseCoopers LLP, that the unaudited Financial Statements for the three and nine months ended September 30, 2015 and the unaudited Consolidated Balance Sheet as of September 30, 2015 that were previously included in Platform's quarterly report on Form 10-Q for the quarter ended September 30, 2015 (the "Q3 Form 10-Q") should no longer be relied upon; resulting from an error related to its income tax provision for the quarter ended September 30, 2015. The error is the result of recording an unrealized loss associated with a foreign currency hedge entered into in connection with the previously-disclosed acquisition by Platform of Alent plc on December 1, 2015 as a temporary rather than permanent difference for income tax accounting purposes. Platform determined that the error had the effect of understating the "Net loss attributable to stockholders," and "Net loss attributable to common stockholders" by $17.8 million, and basic and diluted loss per share by $0.08 per share.
Platform also revealed in an SEC filing that it is conducting a foreign bribery investigation of third-party payments in West Africa. Platform stated that the payments to third-party agents by a company it acquired in 2015, Arysta LifeScience, may have violated the Foreign Corrupt Practices Act.
If you are a Platform shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (email@example.com) at 619-814-4471. If you email, please include your phone number.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact: Johnson & Weaver, LLP Jim Baker, 619-814-4471 firstname.lastname@example.org
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