SAN DIEGO, Oct. 05, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in New York on behalf of certain purchasers of shares of Shiloh Industries, Inc. (NASDAQ:SHLO) over alleged Securities Laws Violations by Shiloh Industries.
Investors who purchased shares of Shiloh Industries, Inc. (NASDAQ:SHLO) have certain options and for certain investors are short and strict deadlines running. Deadline: November 20, 2015. (NASDAQ:SHLO) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The plaintiff claims that Defendants made certain allegedly false and/or misleading statements and/or allegedly failed to disclose that Shiloh Industries, Inc had underreported the cost related to its manufacturing of products, that Shiloh Industries, Inc engaged in irregular accounting practices related to surcharges assessed on steel at the Company’s facility in Wellington, Ohio, that, as a result, the Company’s earnings and income were overstated, that Shiloh Industries, Inc lacked adequate internal controls over financial reporting, and that, as a result of the foregoing, Defendants’ statements about Shiloh’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On September 9, 2015, Shiloh Industries, Inc. announced that it would be unable to timely file its quarterly report for the period ended July 31, 2015, “because of an ongoing internal investigation into the accounting for certain costs at the Company’s facility in Wellington, Ohio.” Shiloh Industries, Inc. has further disclosed an audit committee investigation “to assess the nature and extent of any misstatements, and their potential effect on previously issued financial statements and management’s internal control over financial reporting.”
Those who purchased (NASDAQ:SHLO) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.