An investigation on behalf of investors in NASDAQ:SHLO shares was announced concerning possible breaches of fiduciary duties by certain directors at Shiloh Industries.
Investors who purchased shares of Shiloh Industries, Inc. (NASDAQ:SHLO) and currently hold any of those NASDAQ:SHLO shares 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 concerns whether certain Shiloh Industries directors breached their fiduciary duties and caused damage to the company and its shareholders.
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.”
On September 21, 2015 a lawsuit was filed against Shiloh Industries, Inc. over alleged securities laws violations. The plaintiff alleged that the Defendants made 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.
Those who purchased NASDAQ:SHLO 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