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Lydall designs and manufactures specialty engineered products for thermal/acoustical, filtration/separation, and bio/medical applications in the United States.
On November 8, 2011, Lydall issued a press release wherein it announced its third quarter 2011 financial results. The Company revealed for the first time that it had discovered and corrected certain prior period errors related to the accounting for U.S. income taxes associated with dividends from a foreign subsidiary. The Company evaluated these errors and determined that they were immaterial to each of the reporting periods affected. However, if the adjustments to correct the cumulative errors had been recorded in the quarter ended September 30, 2011, Lydall stated that it believes the impact would have been material to 2011. As a result, the Company revised its third quarter SEC filing previously reported quarterly results for the first and second quarters of 2011, the third and fourth quarters of 2010, as well as Lydall’s annual results for 2010, 2009 and 2008, for these income tax errors. Correction of these errors reduced second quarter 2011 earnings per share by $0.04 per share.
This news caused Lydall stock to plunge 20% on November 8, 2011 and eventually closed at $9.28 per share that day, down from its previous day’s close of $11.28 per share.
If you are a Lydall shareholder, if you have information or would like to learn more about our investigation, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact
Timothy J. MacFall, Esquire or
Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates
securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.