BOSTON, Sept. 15, 2015 /PRNewswire/ -- Block &
Leviton LLP (www.blockesq.com), a law firm whose attorneys have
recovered billions of dollars for investors affected by securities
fraud, is investigating possible securities law violations by
Shiloh Industries Inc. ("Shiloh" or the "Company") (NASDAQ:
SHLO) and certain of its officers and directors.
Shiloh announced on September 14
that its financial statements for the three-month periods ended
January 31, 2015 and the three- and
six-month periods ended April 30,
2015 should be restated and therefore no longer be relied
upon by investors. Financial statements for the three-month
period ended January 31, 2015 and
three-month and six-month periods ended April 30, 2015 were included in Forms 10-Q filed
on March 11, 2015 and June 5, 2015, respectively. The Company
amended its filings on September 14,
2015.
Shiloh further uncovered "accounting irregularities with respect
to [its] accounting for inventoried costs". The Audit
Committee's investigation determined that certain controls were
circumvented by an employee and that material weakness existed in
Shiloh's internal control over financial reporting. The
financial leader at Shiloh's Wellington facility was as a result
replaced. Also, effective September 8,
2015, Thomas Dugan was
removed from the position of principal accounting officer, although
he remains at Shiloh as principal financial officer.
These announcements came less than a week after Shiloh filed a
Form 12b-25 with the SEC announcing that it was not going to be
able to file its Form 10-Q reporting its financial results for the
period ended July 31, 2015. It
announced that the cause of its failure to comply with SEC policy
was its ongoing internal investigation into the accounting at its
facility in Wellington,
Ohio.
Following the announcement, the Company's stock was down
approximately 20%, representing a loss to investors of more than
$30 million.
Block & Leviton's investigation seeks to determine whether
Shiloh or its officers and directors violated the federal
securities laws. If you purchased or otherwise acquired
Shiloh securities before September 10,
2015, and have questions about your legal rights or possess
information relevant to this investigation, please contact attorney
Steven Harte of Block & Leviton
at (617) 398-5600 or email him at Steven@blockesq.com.
Confidentiality to whistleblowers or others with information
relevant to the lawsuit is assured.
This notice may constitute attorney advertising.
Contact: BLOCK & LEVITON LLP
Steven Harte
(617) 398-5600
Steven@blockesq.com
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SOURCE Block & Leviton LLP