NASDAQ GS
SHLO

Shiloh Industries, Inc.

Shareholder Securities Fraud Litigation

Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Shiloh Industries, Inc. (NASDAQ GS: SHLO)

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Shiloh Industries, Inc. (“Shiloh” or the “Company”) (NASDAQ GS: SHLO) between March 9, 2015 and September 14, 2015, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of Shiloh during the Class Period, or purchased shares prior to the Class Period and still hold Shiloh, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects.  As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

According to the Complaint, on September 14, 2015, after the close of trading, the Company issued a press release announcing its financial results for the third quarter of 2015.  The Company disclosed “that a material weakness existed in the Company’s internal control over financial reporting at January 31, 2015 and April 30, 2015,” and that Shiloh would need to restate its income for prior periods by over $2 million.  Shiloh’s investigation into the accounting irregularities and internal control problems concluded “that previously reported financial results for this facility had been overstated and that this overstatement was attributable to the accounting for inventoried costs, the majority of which was associated with a surcharge assessed on steel.  The Company has taken steps to remediate the internal control deficiencies, including the financial leader at the Company’s Wellington facility.”

On this news, shares in Shiloh dropped over 16%, closing at $8.58 per share on September 15, 2015, on heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than November 20, 2015.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Attorney advertising.  Prior results do not guarantee a similar outcome.