Dynamic Materials Alert: National Securities Law Firm Announces Investigation of Potential Accounting Irregularities. Encourages Investors With Significant Losses to Contact Law Firm for More Information
March 5, 2015
New York, New York
Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating Dynamic Materials Corp. (“Dynamic” or the “Company”) (“NASDAQ: BOOM”) in connection with potential accounting irregularities by the Company.
On March 5, 2015, Dynamic announced that it had incorrectly accounted for income tax expense and related deferred tax assets and liabilities at its business entities in Germany. As a result of this determination, the Company plans to restate its consolidated financial statements for the years ended December 31, 2013 and 2012, the four quarters of 2013, and the first, second and third quarters of 2014 (the “Relevant Financial Statements”), primarily to reflect this correction as well as to correct other items. Consequently, the Audit Committee concluded that the Relevant Financial Statements and related disclosures included in the Company’s annual reports on Form 10-K for the years ended December 31, 2013 and 2012 and each of the quarterly reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2014 and 2013 should no longer be relied upon. Management’s report on internal controls over financial reporting for the year ended December 31, 2013 also should no longer be relied upon. Additionally, Ernst & Young’s opinions on the consolidated financial statements for the years ended December 31, 2013 and 2012, as well as its opinion on the effectiveness of internal control over financial reporting as of December 31, 2013, should no longer be relied upon. Similarly, related press releases and Company presentations describing the Relevant Financial Statements should no longer be relied upon.
On this news, shares of Dynamic fell $1.17per share to $14.36 per share or more than 7.5% during intraday trading.
If you purchased shares of Dynamic and have suffered a significant loss from your investment in Dynamic common stock and would like to learn more about this lawsuit and your ability to potentially recover your losses, please contact us toll free at 1-800-511-7037 or contact us via our website.
Tripp Levy PLLC is a leading national securities and shareholder rights law firm representing both individual and institutional shareholders and, along with its affiliate, have recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. The National Law Journal has named Milberg one of the “50 Elite Trial Lawyer Firms” and one of the “50 Leading Plaintiff Firms in America.”
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