PPG SHAREHOLDER ALERT: Securities Fraud Class Action Filed Against PPG Industries (PPG); Block & Leviton Encourages Shareholders to Contact the Firm

BOSTON, May 21, 2018 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that a class action lawsuit has been filed against PPG Industries, Inc. ("PPG" or the "Company") (NYSE: PPG) and certain of its officers and directors alleging violations of the federal securities laws. Class members interested in serving as lead plaintiff are reminded of the July 19, 2018 lead plaintiff deadline.

The lawsuit, filed in the United States District Court for the Central District of California (No. 2:18-cv-04231), alleges that throughout the Class Period, defendants released materially false and/or misleading financial statements that contained improper accounting entries and failed to maintain adequate internal controls.

On May 10, 2018, after the market closed, PPG announced a late filing of its 10-Q ended March 2018.  The Company stated "[a]s 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.

If you purchased or otherwise acquired PPG securities between April 24, 2017 and May 10, 2018 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 protected] 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.

This notice may constitute attorney advertising.

CONTACT:

BLOCK & LEVITON LLP
John DeFelice
(617) 398-5600 phone
155 Federal Street, Suite 400
Boston, MA 02110
[email protected]

SOURCE Block & Leviton LLP

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