Robbins LLP Is Investigating the Officers and Directors of Shiloh Industries, Inc. (SHLO) on Behalf of Shareholders
Robbins LLP is investigating whether certain officers and directors of Shiloh Industries, Inc. (NASDAQGS: SHLO) violated federal securities laws in connection with the company’s recent delays in filing its quarterly report. Shiloh, together with its subsidiaries, supplies light weighting, as well as noise, vibration, and harshness solutions to automotive, commercial vehicle, and other industrial markets in Europe, Mexico, and the United States.
Shiloh Misses U.S. Securities and Exchange Commission Filing Deadline
On September 9, 2015, Shiloh disclosed that it would be unable to timely file its Form 10-Q for the period ended July 31, 2015, due to an ongoing internal investigation into the company’s accounting for certain costs at its facility in Wellington, Ohio. The company stated that the investigation is to evaluate the potential effect of accounting irregularities on Shiloh’s previously issued financial statements and management’s internal control over financial reporting. Shiloh further stated that it expects the aggregate impact on the company’s net income to be between $2.2 and $2.5 million. The company’s stock has dropped sharply since the September 9 announcement that it missed the filing deadline. That day, Shiloh stock was trading as high as $11.05 per share, and is currently trading around $8.64 per share on September 15, 2015.
In light of this news, Robbins LLP’s investigation focuses on whether Shiloh and/or its officers breached their fiduciary duties shareholders, grossly mismanaged the company, or committed abuses of control in connection with the foregoing.
Shiloh Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.