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PPG Industries Investigates Internal Report Of Accounting Violations

PPG Industries Inc. (PPG) said that it has opened an investigation after receiving a report alleging violations of its accounting policies.

The company said it identified about $1.4 million of expense that should have been accrued in the first quarter. The complaint also alleged that there may have been other unspecified expenses, potentially up to $5 million in the aggregate, that were improperly not accrued in the first quarter.

The company said, "The Audit Committee of the company's Board of Directors is overseeing an investigation of the matters set forth in the report, with the assistance of outside counsel. The company is currently unable to predict the timing or outcome of the investigation and will move with diligence."

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