NEW YORK, March 9, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Dynamic Material Corp. ("Dynamic Materials" or the "Company") (NasdaqGS: BOOM -News). Such investors are advised to contact Peretz Bronstein or his investor relations coordinator Eitan Kimelman at info@bgandg.com or 212-697-6484.
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 $0.67 or 4.31% to trade at $14.86 on March 6, 2015.
If you are aware of any facts relating to this investigation, or purchased shares of Dynamic Materials you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC