SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Shiloh Ind...
2015年10月7日 - 12:18AM
ビジネスワイヤ(英語)
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of
Shiloh Industries, Inc. (NASDAQ GS: SHLO)?
- Did you purchase your shares between
March 9, 2015 and September 14, 2015, inclusive?
- Did you lose money in your
investment?
Rigrodsky & Long, P.A. announces that a complaint has been
filed in the United States District Court for the Southern District
of New York on behalf of all persons or entities that purchased the
common stock of Shiloh Industries, Inc. (“Shiloh” or the “Company”)
(NASDAQ GS: SHLO) between March 9, 2015 and September 14, 2015,
inclusive (the “Class Period”), alleging violations of the
Securities Exchange Act of 1934 against the Company and certain of
its officers (the “Complaint”).
If you purchased shares of Shiloh during the Class Period, or
purchased shares prior to the Class Period and still hold Shiloh, and wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact Timothy J. MacFall, Esquire or Peter
Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite
120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to
info@rl-legal.com; or at:
http://rigrodskylong.com/investigations/shiloh-industries-inc-shlo.
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements, and
omitted materially adverse facts, about the Company’s business,
operations and prospects. As a result of defendants’ alleged false
and misleading statements, the Company’s stock traded at
artificially inflated prices during the Class Period.
According to the Complaint, on September 14, 2015, after the
close of trading, the Company issued a press release announcing its
financial results for the third quarter of 2015. The Company
disclosed “that a material weakness existed in the Company’s
internal control over financial reporting at January 31, 2015 and
April 30, 2015,” and that Shiloh would need to restate its income
for prior periods by over $2 million. Shiloh’s investigation into
the accounting irregularities and internal control problems
concluded “that previously reported financial results for this
facility had been overstated and that this overstatement was
attributable to the accounting for inventoried costs, the majority
of which was associated with a surcharge assessed on steel. The
Company has taken steps to remediate the internal control
deficiencies, including the financial leader at the Company’s
Wellington facility.”
On this news, shares in Shiloh dropped over 16%, closing at
$8.58 per share on September 15, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court
no later than November 20, 2015. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. Any member of the proposed class may move
the court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class
member.
Attorney advertising. Prior results do not guarantee a similar
outcome.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151006006457/en/
Rigrodsky & Long, P.A.Timothy J. MacFall, EsquirePeter
Allocco(888) 969-4242(516) 683-3516Fax: (302)
654-7530info@rl-legal.comhttp://www.rigrodskylong.com
Shiloh Industries (NASDAQ:SHLO)
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Shiloh Industries (NASDAQ:SHLO)
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