NEW YORK, Sept. 24, 2015 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Shiloh Industries, Inc. (“Shiloh” or the “Company”) (NASDAQ:SHLO) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, is on behalf of a class consisting of all persons or entities who purchased Shiloh securities between March 9, 2015 and September 14, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Shiloh securities during the Class Period, you have until November 20, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Shiloh, together with its subsidiaries, supplies light weighting, as well as noise, vibration, and harshness solutions to automotive, commercial vehicle, and other industrial markets in Europe, Mexico, and the United States. It produces body systems components, such as shock towers, instrument panel/cross car beams, torque boxes, tunnel supports, seat supports, seat back frames, hinge pillars, lift gates, door inners, roof supports/roof panels, dash panels, body sides, and B and C pillars; and chassis systems components, including cross members, frame rails, axle carriers, bearing caps, axle covers, axle housings, clutch housings, PTU covers, axle tubes, rack and pinion housings, steering column housings, knuckles, links, wheel hubs, calipers, master cylinders, steering pumps, brake components, wheel blanks, and flanges.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Shiloh had underreported the cost related to its manufacturing of products; (2) Shiloh engaged in irregular accounting practices related to surcharges assessed on steel at its facility in Wellington, Ohio; (3) as a result, Shiloh’s earnings and income were overstated; (4) Shiloh lacked adequate internal controls over financial reporting; and (5) 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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP [email protected]