PPG Investigation: Bernstein Liebhard LLP Announces Investigation On Behalf Of Investors Of PPG Industries, Inc. - PPG

NEW YORK, May 11, 2018 /PRNewswire/ -- Bernstein Liebhard LLP is investigating potential securities fraud claims on behalf of shareholders of PPG Industries, Inc. ("PPG" or the "Company") (NYSE: PPG). If you purchased PPG securities, and/or have information relating to this matter, please visit our PPG SHAREHOLDER PAGE or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].

On April 19, 2018, PPG disclosed that "the company received a report through its internal reporting system concerning potential violations of PPG's accounting policies and procedures regarding the failure to accrue certain specified expenses in the first quarter." PPG further disclosed that "[t]he 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."

On this news, PPG's stock fell $3.55, or over 3%, from its previous closing price to close at $109.64 on April 19, 2018.

On May 10, 2018, during aftermarket hours, PPG revealed that "the investigation to date has [] identified improper reclassifications of gains from income from discontinued operations to income from continuing operations" for the quarters ended June 30, 2017 and December 31, 2017. PPG revealed that "[t]he 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 sharply during intraday trading on May 11, 2018.

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.

Please follow us for updates on LinkedIn: https://www.linkedin.com/company/bernstein-liebhard-llp/ and Twitter: https://twitter.com/bernlieb.

ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin.  Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
[email protected]

SOURCE Bernstein Liebhard LLP

Related Links

http://www.bernlieb.com