PITTSBURGH - PPG Industries Inc.’s board of directors was named in a waste of corporate assets lawsuit filed by a company shareholder.
Daryle Simmons claimed in her lawsuit, filed March 23 in the Allegheny Court of Common Pleas, that the board and its executive officers breached their fiduciary duties, while accusing them of unjust enrichment and misconduct.
“This shareholder derivative action arises from the individual defendants’ year-and-a-half long accounting fraud, where the individual defendants enabled, and even took direct part in the falsification of certain accounting entries and other financial metrics in order to meet, beat, or narrow the gap with analysts’ consensus earnings estimates and deceive investors as to the true financial health of the company,” Simmons claimed in the lawsuit.
She alleged the defendants pocketed hundreds of thousands of dollars because of their alleged scheme.
She’s asking for relief via the court fixing the alleged misconduct, restitution for PPG, and reimbursement for legal costs.
Simmons is represented by Benjamin Sweet of The Sweet Law Firm of Pittsburgh and Frank Johnson and Michael Fistel of Johnson Fistel of Marietta, Georgia.