The U.S. Securities and Exchange Commission closed its investigation regarding PPG Industries Inc.'s financial reporting between December 2016 and April 2018 without any penalty.
The company received reports of alleged violations in its accounting policies on April 16, 2018, initiating an investigation from its board's audit committee which was completed June 27, 2018, and required a restatement of PPG's financial statements for the years ended Dec. 31, 2016, and Dec. 31, 2017, and certain quarterly periods within the same time frame.
PPG also announced that the U.S. Attorney's Office for the Western District of Pennsylvania will not pursue any action against the company.
