NEW YORK, March 6, 2015 /PRNewswire/ -- Tripp Levy
PLLC, a leading national securities law firm, announces that it is
investigating Dynamic Materials Corp. ("Dynamic" or the "Company")
("NASDAQ: BOOM") in connection with potential accounting
irregularities by the Company.
On March 5, 2015, Dynamic
announced that it had 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, Ernst & Young's opinions on the
consolidated financial statements for the years ended December 31, 2013 and 2012, as well as its
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 fell $1.17per share to $14.36 per share or more than 7.5% during
intraday trading.
If you purchased shares of Dynamic and have suffered a
significant loss from your investment in Dynamic common stock and
would like to learn more about this lawsuit and your ability to
potentially recover your losses, please contact us either by email
at contact@tripplevy.com or by telephone at (800) 511-7037 or visit
our website at
www.tripplevy.com/participate-in-an-action. Please make
sure you identify how many shares you own in Dynamic.
Tripp Levy PLLC is a leading national securities and shareholder
rights law firm representing both individual and institutional
shareholders and, along with its affiliate, have recovered billions
of dollars for shareholders. Tripp Levy PLLC is
affiliated with Milberg LLP. The National Law Journal has
named Milberg one of the "50 Elite Trial Lawyer Firms" and one of
the "50 Leading Plaintiff Firms in America."
Attorney advertising. Prior results do not indicate a
similar outcome
Tripp Levy PLLC
New York, New York
Toll free: 800-511-7037
International: 602-241-2841
Email: contact@tripplevy.com
www.tripplevy.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/dynamic-materials-alert-national-securities-law-firm-announces-investigation-of-potential-accounting-irregularities-encourages-investors-with-significant-losses-to-contact-law-firm-for-more-information-300046809.html
SOURCE Tripp Levy PLLC