Kirby McInerney LLP Advises Shiloh Industries, Inc. Investors of Potential Claims
By Business Wire News
By Business Wire News
Kirby McInerney LLP announced today that a class action lawsuit has been filed in the United States District Court for the Southern District of New York against Shiloh Industries, Inc. (“Shiloh” or the “Company”) (Nasdaq: SHLO) on behalf of all persons or entities who acquired Shiloh securities during the period from March 9, 2015 through September 14, 2015 (the “Class Period”). Pursuant to applicable law, investors have until November 20, 2015 to file a motion to be appointed as lead plaintiff in the investor lawsuit.
Shiloh manufactures and distributes lightweighting, noise and vibration solutions to automotive, commercial vehicle and other industrial markets.
The lawsuit alleges that throughout the Class Period: (1) the Company had underreported the cost related to its manufacturing of products; (2) the Company engaged in irregular accounting practices related to surcharges assessed on steel at the Company’s facility in Wellington, Ohio; and (3) as a result, the Company’s earnings and income were overstated.
On September 9, 2015, the Company disclosed an internal investigation into cost accounting. On this news, the stock price fell from $10.99 to $9.15 per share. Then, on September 14, 2015, the Company confirmed that previously-reported results had been overstated. The stock price fell from $10.26 to $8.58 per share, further damaging investors.
If you acquired Shiloh securities during the Class Period and you are interested in learning more about this matter and any rights you might have with respect to these claims, contact Rona Li at email@example.com, by telephone at (212) 371-6600. Please bear in mind that some of these rights may be time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades. Kirby McInerney LLP has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against Shiloh Industries, Inc. can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
Kirby McInerney LLP
Rona Li, (212) 371-6600