PPG Industries, Inc. (PPG) Accused of Implementing Inadequate Financial Controls
According to the complaint, despite assuring investors that its financial statements were accurate, PPG Industries, Inc. in fact had serious deficiencies in its internal control over financial reporting. On April 19, 2018, PPG began to reveal the extent of these shortcomings, noting 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. Then, on May 10, 2018, PPG disclosed that certain employees made improper accounting entries at the direction of PPG’s former Vice President and Controller, who was terminated as of May 10, 2018. In addition, PPG announced that its financial statements for 2017 should not be relied upon and that it would be unable to timely file its Form 10-Q for the quarter ended March 31, 2018. As the discouraging news about PPG began to be revealed to the market, PPG’s stock fell over 8% on May 11, 2018.
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