NEW YORK (Legal Newsline) - A New York man is suing Shiloh Industries, claiming falsification and deception resulting in economic loss.
Raymond Thomas filed a class action lawsuit on behalf of purchasers of Shiloh securities on Sept. 21 in the U.S. District Court for the Southern District Court of New York against Shiloh Industries Inc., Ramzi Hermiz and Thomas M. Dugan.
Thomas claims Shiloh falsified and deceived its stock holders between the class period of March 9 to Sept. 14.
Thomas alleges Shiloh failed to properly disclose, or made false or misleading, statements regarding the company’s irregularities in accounting, under-reported the costs related to its expenses, overstated its actual earnings, lacked adequate insight and foresight over its finances, and, as a result, the plaintiff and other class members allegedly suffered significant economic loss.
Thomas is seeking remedies under the Securities Exchange Act of 1934, and
an undisclosed amount for damages cause by Shiloh’s wrongdoing.
The plaintiffs are represented by attorney Lesley F. Portnoy and the law office of Glancy Prognay and Murray LLP in New York City and Lionel Z. Glancy, Robert V. Prongay and Casey E. Sadler of the same firm in Los Angeles and The Rosen Law Firm PA from New York City.
U.S. District Court, New York Southern District case number 1:15-cv-07449-KMV