Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
The investigation focuses on whether the Company’s Board of Directors and its officers breached their fiduciary duties by failing to maintain an effective system of internal controls. In July 2014, auditing firm KPMG LLP, the Company’s former independent public accountant, identified three material weaknesses in the Company’s internal controls over financial reporting, including failure to maintain a sufficient complement of corporate accounting and finance personnel to design an effective system of internal controls.
Although the Company stated it “has implemented changes to its internal control over financial reporting to remediate the control deficiencies that gave rise to [the] material weaknesses …,” Grant Thornton LLP, the Company’s independent public accounting firm, issued an adverse audit report on internal control over financial reporting as of March 31, 2015. Specifically, Grant Thornton LLP’s report states that “the Company did not maintain a control environment that was designed and operating to prevent or detect a material misstatement in the Company’s consolidated financial statements.”
If you currently own Multi-Color stock and would like to discuss your legal rights, please contact us by calling Stuart Guber toll free at (215) 277-5770 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Multi-Color’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.