An investor in NYSE:PAH shares filed a lawsuit over alleged violations of Federal Securities Laws by Platform Specialty Products in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Platform Specialty Products Corp (NYSE:PAH) have certain options and for certain investors are short and strict deadlines running. Deadline: May 31, 2016. NYSE:PAH investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff claims that between February 17, 2015 and March 14, 2016 defendants made false and/or misleading statements and/or failed to disclose that Arysta had made improper third-party payments in West Africa, that the foregoing payments were unlawful under the U.S. Foreign Corrupt Practices Act (“FCPA”), and that as a result of the foregoing, Platform’s public statements were materially false and misleading at all relevant times.
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. Platform Specialty Products Corp also disclosed that the Company had “discovered certain payments made to third-party agents in connection with Arysta’s government tender business in West Africa which may be illegal or otherwise inappropriate,” and had “engaged outside counsel and an outside accounting firm to conduct an internal investigation to review the legality of these and other payments…including Arysta’s compliance with the FCPA.”
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