SAN DIEGO and VALLEY CITY,
Ohio, Sept.
15, 2015 /PRNewswire/ -- Shareholder rights law firm
Robbins Arroyo 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.
View this press release on the law firm's Shareholder Rights
Blog:
www.robbinsarroyo.com/shareholders-rights-blog/shiloh-industries-inc
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 Arroyo 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, DDonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, Ca 92101
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP