NEW YORK, May 22, 2018 /PRNewswire/ -- Bernstein Liebhard LLP announces that a class action lawsuit has been filed on behalf of those who purchased or acquired the securities of PPG Industries, Inc. ("PPG" or the "Company") (NYSE: PPG) between April 24, 2017 and May 10, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover PPG shareholders' investment losses.
According to the lawsuit, throughout the Class Period Defendants made false and/or 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, during aftermarket hours, PPG revealed that an "investigation has found evidence that the improper accounting entries were made by certain employees at the direction of the Company's former vice president and controller." PPG further disclosed that "the Company's consolidated financial statements for the year ended December 31, 2017 included in its Annual Report on Form 10-K and the related report of PwC, and for the quarterly and year-to-date periods in 2017, should no longer be relied upon." PPG reported these matters to the U.S. Securities and Exchange Commission.
On this news, PPG's stock fell $5.68, or over 5%, from its previous closing price to close at $100.43 on May 11, 2018, damaging investors.
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. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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