Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Shiloh Industries, Inc.
Oklahoma City, OK (September 30, 2015) – On September 21, 2015, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Shiloh Industries, Inc. (NASDAQ: SHLO). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is March 9, 2015 through September 14, 2015. More specifically, the Company failed to disclose during the Class Period that Shiloh had underreported the cost related to manufacturing of products and engaged in irregular accounting practices related to surcharges assessed on steel at its facility in Wellington, Ohio causing its earnings and income to be overstated. The Company disclosed on September 14, 2015 that it would need to restate its income for the quarters ending January 31, 2015 and April 30, 2015 by $2 million. On this news, Company’s shares declined to close at $8.58 per share.
Plaintiff seeks to recover damages on behalf of all Shiloh Industries, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Friday, November 20, 2015 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Wed, September 30, 2015
by Robin Hester filed under