Robbins Umeda LLP Announces an Investigation of Lydall, Inc.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Lydall, Inc. (NYSE: LDL).Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP’s investigation focuses on whether officials at Lydall harmed the company by breaching their fiduciary duties to shareholders. In particular, the firm is investigating whether certain officers and directors at Lydall are responsible for the company’s incorrect accounting of income taxes associated with dividends from a foreign subsidiary. These dividends were omitted from the company’s U.S. income tax reporting and impacted income tax expenses recorded by the company beginning in the year ending December 31, 2004 and subsequent periods through June 30, 2011. On November 8, 2011, Lydall announced its third quarter 2011 financial results, revealing it had discovered these accounting deficiencies. To account for its inaccurate reporting, Lydall revised in the current filing previously reported quarterly results for the first and second quarters of 2011, the third and fourth quarters of 2010, as well as the company’s annual results from 2008 through 2010. Correction of these errors reduced second quarter 2011 earnings by $0.04 per share.
On November 8, 2011, after disclosure of these accounting errors, shares of Lydall fell almost 20%, from $11.18 to $9.28 per share.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.