An investigation for investors in NYSE:PAH shares over potential securities laws violations by Platform Specialty Products and certain of its directors and officers was announced.
Investors who purchased shares of Platform Specialty Products Corp (NYSE:PAH), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Platform Specialty Products Corp (NYSE:PAH) concerning whether a series of statements by Platform Specialty Products regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On March 11, 2016, Platform Specialty Products Corp reported its financial results. Among other things, Platform Specialty Products Corp reported that its annual Total Revenue rose from $843.20 million in 2014 to over $2.54 billion in 2015 while its Net Loss increased from $29.90 million to $308.60 million.
On the same day Platform Specialty Products Corp disclosed in a filing with the SEC that after discussion with the Company’s accounting firm, PricewaterhouseCoopers LLP, that the unaudited Financial Statements for the three and nine months ended September 30, 2015 and the unaudited Consolidated Balance Sheet as of September 30, 2015 that were previously included in Platform’s quarterly report on Form 10-Q for the quarter ended September 30, 2015 should no longer be relied upon; resulting from an error related to its income tax provision for the quarter ended September 30, 2015. Platform Specialty Products Corp said that the error is the result of recording an unrealized loss associated with a foreign currency hedge entered into in connection with the previously-disclosed acquisition by Platform of Alent plc on December 1, 2015 as a temporary rather than permanent difference for income tax accounting purposes. Platform determined that the error had the effect of understating the “Net loss attributable to stockholders,” and “Net loss attributable to common stockholders” by $17.8 million, and basic and diluted loss per share by $0.08 per share.
Shares of Platform Specialty Products Corp (NYSE:PAH) closed on March 28, 2016 at $8.31 per share.
Those who purchased NYSE:PAH shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com