SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Dynamic Materials Corp. - BOOM

NEW YORK, March 6, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Dynamic Materials Corp. ("Dynamic Materials" or the "Company") (NASDAQ: BOOM).  Such investors are advised to contact Robert S. Willoughby at [e-mail] or 888-476-6529, ext. 237.

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 $0.94 per share to $14.59, or more than 6%, on March 6, 2015.

The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[e-mail]

 

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SOURCE Pomerantz LLP

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