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If you purchased shares of OMNOVA Solutions Inc. (NYSE: OMN), and/or if you have any information relating the investigation, including former employees and/or whistleblowers, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
An investigation on behalf of investors in shares of OMNOVA Solutions Inc. (NYSE:OMN) over possible Breaches of Fiduciary Duties by certain officers and directors was announced.
The investigation by a law firm focuses on whether certain directors and officers at OMNOVA Solutions Inc mislead the public about the effect of rising costs of materials for its products.
OMNOVA Solutions 12months Total Revenue increased over the past four filing periods from $745.50million to $846.20million. While OMNOVA Solutions Inc. reported a Net Loss of $6.7million on Nov. 30, 2007 its Net Income reported on Nov. 30, 2011 rose to $107.90million.
Shares of OMNOVA Solutions Inc. rose from as low as $0.51 per share during October 08 to as high as recently over $9 per share.
However, on September 30, 2010, OMNOVA Solutions Chief Executive Officer, Kevin M. McMullen, told the public during an analyst conference call that costs of materials from places other than Thailand had begun to moderate.
Then on January 18, 2011OMNOVA announced fourth quarter 2010 earnings that were below analyst expectations.
Shares of OMNOVA Solutions Inc. (Public, NYSE:OMN) fell from $8.57 on Jan 13 to $7.03 on Jan 31 and declined to as low as $6.58 on March 15, 2011.
On March 23, 2010 OMNOVA Solutions reported its first quarter 2011 financial results. Following the announcement shares of OMNOVA Solutions Inc. (Public, NYSE:OMN) rose to $8.01 on March 30, 2011 and over $$9 in May.
