Hynes Keller & Hernandez, LLC is investigating potential claims against the Board of Directors of PPG Industries, Inc. (NYSE: PPG) concerning possible breaches of fiduciary duty. On April 19, 2018, after market-close, PPG issued a press release entitled “PPG reports first quarter 2018 financial results,” disclosing 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 issued a press release entitled “PPG provides update on Form 10-Q filing and internal investigation,’” disclosing that: 1) PPG’s Audit Committee found evidence that improper accounting entries were made by certain employees at the direction of PPG’s former Vice President and Controller; 2) PPG’s Former Vice President was terminated as of May 10, 2018; 3) PPG would be unable to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018; and 4) PPG’s financial statements for the 2017 year should not be relied upon.
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