On May 10, 2018, after the market closed, PPG announced a late filing of its 10-Q ended March 2018. "As previously disclosed on April 19, 2018, PPG received a report through its internal reporting system alleging violations of PPG's accounting policies and procedures regarding the failure to accrue certain specified expenses in the first quarter of 2018." The Audit Committee of the Company's Board of Directors is overseeing an investigation of the matters set forth in the report, with the assistance of outside counsel and forensic accountants.
In addition to the matters identified by the investigation relating to the quarter ended March 31, 2018, the investigation to date has also identified improper reclassifications of gains from income in 2017. As such, PPG has stated that its consolidated financial statements for the year ended December 31, 2017 included in its Annual Report on Form 10-K should no longer be relied upon.
The investigation has also found evidence that the improper accounting entries were made by certain employees at the direction of the Company's former vice president and controller. On this news, the Company's stock plunged roughly 5% from May 10 to May 11, 2018.
If you purchased or otherwise acquired PPG securities and have questions about your legal rights or possess information relevant to this investigation, you are encouraged to contact Attorney John DeFelice at (888) 868-2385, by email at email@example.com or by visiting http://shareholder.law/ppg.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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