NEW YORK, March 6, 2015 /PRNewswire/ -- Pomerantz LLP is
investigating claims on behalf of investors of Dynamic Materials
Corp. ("Dynamic Materials" or the "Company") (NASDAQ: BOOM).
Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com
or 888-476-6529, ext. 237.
The investigation concerns whether Dynamic Materials and certain
of its officers and/or directors have violated Sections 10(b) and
20(a) of the Securities Exchange Act of 1934.
On March 5, 2015, the Dynamic
Materials announced in a Securities and Exchange Commission filing
that the Company concluded, after review and discussion with
management and the Company's independent registered public
accounting firm, Ernst & Young LLP ("E&Y), that the Company
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, EY's opinions on the
consolidated financial statements for the years ended December 31, 2013 and 2012, as well as EY's
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 Materials fell $0.94 per share to $14.59, or more than 6%, on March 6, 2015.
The Pomerantz Firm, with offices in New York, Chicago, San
Diego and Florida, 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
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP