Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Shiloh Industries Inc. to Contact ...
2015年10月22日 - 3:59AM
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been
commenced in the United States District Court for the Southern
District of New York on behalf of purchasers of Shiloh Industries
Inc. (Nasdaq:SHLO) (“Shiloh” or the “Company”) securities during
the period between March 9, 2015 and September 14, 2015, inclusive
(the “Class Period”). Investors who wish to become
proactively involved in the litigation have until November 20, 2015
to seek appointment as lead plaintiff.
If you have suffered a loss from investment in
Shiloh securities purchased on or after March 9, 2015 and held
through the revelation of negative information during and/or at the
end of the Class Period, as described below, and would like to
learn more about this lawsuit and your ability to participate as a
lead plaintiff, without cost or obligation to you, please visit our
website at
http://www.browerpiven.com/currentsecuritiescases.html. You
may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. No class has yet been certified in the above
action. Members of the Class will be represented by the lead
plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and
the Class, you must apply to be appointed lead plaintiff and be
selected by the Court. The lead plaintiff will direct the
litigation and participate in important decisions including whether
to accept a settlement for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the
largest loss from investment in Company securities during the Class
Period. Brower Piven also encourages anyone with information
regarding the Company’s conduct during the period in question to
contact the firm, including whistleblowers, former employees,
shareholders and others.
The complaint accuses the defendants of violations
of the Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that Shiloh had
underreported the cost related to its manufacturing of products and
engaged in irregular accounting practices related to surcharges
assessed on steel at its facility in Wellington, Ohio such that its
earnings and income were overstated.
According to the complaint, following the Company’s
September 9, 2015 disclosure that the Company would be unable to
file its quarterly report for the period ending July 31, 2015
because of an ongoing investigation into its accounting for certain
costs at its facility in Wellington, Ohio, and following the
Company’s September 14, 2015 disclosure that the Company would need
to restate its income for the quarters ending January 31, 2015 and
April 30, 2015 by over $2 million, the value of Shiloh shares
declined significantly.
Attorneys at Brower Piven have extensive experience
in litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If
you choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time
to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
Shiloh Industries (NASDAQ:SHLO)
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