Investor Alert: Kaplan Fox Announces Investigation Of PPG Industries, Inc.

NEW YORK, June 5, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of PPG Industries, Inc. ("PPG" or the "Company") (NYSE: PPG).  PPG purports to manufacture and distribute a broad range of paints, coatings and specialty materials in the United States and internationally.

A class action complaint has been filed in the United States District Court for the Central District of California against PPG and certain executive officers of the Company on behalf of investors that acquired PPG securities between April 24, 2017 and May 10, 2018, inclusive (the "Class") alleging violations of the Securities Exchange Act of 1934. 

On April 19, 2018, PPG issued a press release entitled "PPG reports first quarter 2018 financial results[,]" disclosing that the Company received a report concerning potential violations of its accounting policies and identifying certain expenses that should have been accrued in the first quarter.  Based on a preliminary review, PPG said it had identified $1.4 million of expense that should have been accrued in the first quarter, and that the earnings reported in the press release reflected the accrual of such $1.4 million of expenses.  Additionally, PPG stated that "[t]he report also alleges that there may have been other unspecified expenses, potentially up to $5 million in the aggregate, that were improperly not accrued in the first quarter."

On April 19, 2018, PPG's shares fell $3.55 per share, or 3.14%, to close at $109.64 per share.

Then, on May 10, 2018, after the market close, PPG issued a press release entitled "PPG provides update on Form 10-Q Filing and Internal Investigation[,]" disclosing that (1) PPG's Vice President and Controller was terminated as of May 10, 2018, (2) PPG's Audit Committee found evidence that improper accounting entries were made by certain employees at the direction of PPG's former Vice President and Controller, (3) PPG would be unable to timely file its quarterly report on Form 10-Q for the quarter ended March 31, 2018, and (4) PPG's financial statements for the quarterly and year-to-date periods in 2017 should no longer be relied upon.

Following this news, PPG's shares fell $5.68 per share, or over 5%, to close at $100.43 per share on May 11, 2018.

The complaint alleges that throughout the Class Period the defendants misrepresented 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, the defendants' public statements were materially false and misleading at all relevant times.

If you are a member of the proposed Class, you may move the court no later than July 19, 2018 to serve as a lead plaintiff for the purported class.  You need not seek to become a lead plaintiff in order to share in any possible recovery.  If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, the action, your rights, or your interests, please contact:

Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: [email protected]

SOURCE Kaplan Fox & Kilsheimer LLP

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