OMNOVA Solutions Inc.
Robbins Umeda LLP Announces an Investigation of OMNOVA Solutions Inc. for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of OMNOVA Solutions Inc. (NYSE: OMN). The firm has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at OMNOVA. OMNOVA provides emulsion polymers, specialty chemicals, and decorative and functional surfaces for various commercial, industrial, and residential end uses primarily in the United States, Asia, and Europe. The company was founded in 1999 and is headquartered in Fairlawn, Ohio.
In particular, Robbins Umeda LLP is investigating whether certain directors and officers at OMNOVA mislead the public about the effect of rising costs of materials for its products. On September 30, 2010, OMNOVA’s Chief Executive Officer, Kevin M. McMullen, told the public during an analyst conference call that costs of materials from places other than Thailand had begun to moderate. On January 18, 2011, however, OMNOVA announced fourth quarter 2010 earnings that were below analyst expectations, resulting in a steep drop in its stock price. Of particular note, OMNOVA’s Decorative Products division had earnings results that were $0.15 per share worse than analyst forecasts. A contributor to these poor results was the rapidly rising costs of materials.
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