Shareholders of Shiloh Industries Inc. May Be Affected by Block & Leviton LLP's Investigation into the Company for Possible Violations of the Federal Securities Laws
BOSTON, Sept. 11, 2015 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm who's attorneys have recovered billions dollars for investors affected by securities fraud, is investigating possible securities law violations by Shiloh Industries Inc. ("SHLO" or the "Company") (NASDAQ: SHLO) and certain of its officers and directors.
Minutes after the close of trading on September 9, 2015, Shiloh filed a Form 12b-25 with the United States Securities and Exchange Commission (the "SEC") announcing that it was not going to be able to file its Form 10-Q reporting its financial results for the period ended July 31, 2015. It announced that the cause of its failure to comply with SEC policy was an ongoing internal investigation into the accounting for certain costs at the Company's facility in Wellington, Ohio. As part of a newly implemented enhanced balance sheet review process, Shiloh management uncovered preliminary indications of a potential issue regarding the accounting for inventoried costs. Shiloh's Audit Committee of its board of directors has commenced a formal investigation to assess the nature and extent of any misstatements and their potential effect on previously issued financial statements and management's internal control over financial reporting. Third party auditors have also now been retained by the Company with regards to this matter.
In the first day of trading following the announcement, the Company was down nearly 17%, representing a loss to investors of more than $30 million.
Block & Leviton's investigation seeks to determine whether Shiloh or its officers and directors violated the federal securities laws through the underlying issues that caused the Company to miss its filing deadlines with the SEC. If you purchased or otherwise acquired Shiloh securities before September 10, 2015, and have questions about your legal rights or possess information relevant to this investigation, please contact attorney Steven P. Harte of Block & Leviton LLP at (617) 398-5600 or email him at [email protected]. Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.
This notice may constitute attorney advertising.
Contact: BLOCK & LEVITON LLP
Steven P. Harte, Esq.
(617) 398-5600
155 Federal St
Boston, MA 02110
[email protected]
SOURCE Block & Leviton LLP
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