Lawsuit Overview
September 18, 2017 - Defendants filed a motion to dismiss.
August 4, 2017 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Shiloh Industries Inc (NASDAQ: SHLO) common shares between January 12, 2015 and September 14, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 12, 2015 and September 14, 2015.
March 23, 2017 - The court granted defendants' motion to dismiss and closed the case.
April 18, 2016 - Defendants filed a motion to dismiss.
February 23, 2016 - The lead plaintiff filed another amended complaint.
February 16, 2016 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Shiloh Industries Inc (NASDAQ: SHLO) common shares between January 12, 2014 and September 14, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 12, 2014 and September 14, 2015.
December 8, 2015 - Lead plaintiff and lead counsel were appointed.
November 20, 2015 - Lead plaintiff motions were filed.
September 21, 2015 - An investor in shares of Shiloh Industries Inc (NASDAQ: SHLO) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Shiloh Industries Inc in connection with certain allegedly false and misleading statements made between March 9, 2015 and September 14, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Shiloh Industries Inc (NASDAQ: SHLO) common shares between March 9, 2015 and September 14, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 9, 2015 and September 14, 2015, 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 Industries Inc’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Shiloh Industries Inc reported that its Total Revenue rose from $517.74 million for the 12 months period that ended on October 31, 2010 to $878.74 million for the 12 months period that ended on October 31, 2014 and that its Net Income for those time periods increased from $7.84 million to $22.44 million.
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.”
Shares of Shiloh Industries Inc (NASDAQ: SHLO) declined to as low as $8.66 per share on September 10, 2015.