BORAL LIMITED INVESTOR ALERT: BOALY, BOALF INVESTORS WHO HAVE SUFFERED SIGNIFICANT LOSSES ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C.
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of shareholders of Boral Limited (“Boral” or the “Company”) (OTC: BOALY, BOALF) to determine whether the Company engaged in securities fraud or other unlawful business practices.
On December 5, 2019, Boral stated “. . . that it has identified certain financial irregularities in its North American Windows business, involving misreporting including in relation to inventory levels and raw material and labour costs at [its] Windows plants,” as well as that “. . . it is estimated the irregularities relating to the period between September 2018 and October 2019 will result in a one-off impact on earnings before interest, tax, depreciation and amortisation (EBITDA) in the order of US$20 million to US$30 million.”
On February 10, 2020, Boral stated that an “. . . investigation determined that finance personnel within the Windows business manipulated accounts and financial statements primarily to artificially inflate the overall profitability and health of the Windows business. The investigation found no evidence that the manipulations were to hide systematic theft of raw materials or finished goods inventory. The misconduct occurred over an approximately 20-month period to the end of October 2019.”
On this news, Boral’s American Depositary Receipt price fell 7.83% to close at $12.72 per share on February 10, 2020, thereby injuring investors.
BORAL INVESTORS WHO HAVE SUFFERED SIGNIFICANT FINANCIAL LOSSES ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT KEVIN CAULEY, DIRECTOR, BUSINESS DEVELOPMENT, (215) 792-6676, EXT. 802, [email protected], [email protected], TO DISCUSS THE SECURITIES INVESTIGATION OR POTENTIAL LEGAL CLAIMS.