PPG Industries, Inc.
- Company Name
- PPG Industries, Inc.
- Stock Symbol
- Class Period
- April 24, 2017 to May 10, 2018
- Motion Deadline
- July 19, 2018
- Central District of California
The complaint charges PPG and certain of its officers with violations of the Securities Exchange Act of 1934. PPG manufactures and distributes paints, coatings and specialty materials.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements 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, defendants’ public statements were materially false and misleading at all relevant times.
On April 19, 2018, PPG disclosed it had received a report through its internal reporting system indicating the Company had failed to properly record millions of dollars in expenses in the first quarter.
On May 10, 2018, PPG announced it had uncovered numerous improper adjustments made at the direction of its former controller, Mark Kelly, who was terminated as of May 10, 2018. The Company indicated its 2017 financial statements could no longer be relied upon.
On this news, PPG’s stock price declined to $100.43 per share compared to its Class Period high of $121 per share.