Key Developments: Lydall Inc (LDL.N)

LDL.N on New York Stock Exchange

16.25USD
1 Aug 2013
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$0.69 (+4.43%)
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Latest Key Developments (Source: Significant Developments)

Lydall Inc Names New Executive Vice President And Chief Financial Officer
Thursday, 4 Oct 2012 07:00am EDT 

Lydall Inc announced that Robert K. Julian, 50, has been appointed Executive Vice President and Chief Financial Officer (CFO) for Lydall, Inc., effective upon the commencement of his employment with Lydall, which is expected to be October 29, 2012. Erika H. Steiner (formerly Erika G. Turner), Vice President and Chief Financial Officer of the Company, will be departing the Company on November 6, 2012.  Full Article

Robbins Umeda LLP Announces Investigation of Lydall, Inc.
Tuesday, 10 Jan 2012 03:26pm EST 

Robbins Umeda LLP announced that it is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Lydall, Inc. 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.  Full Article

Rigrodsky & Long, P.A. Announces Investigation Of Lydall, Inc.
Thursday, 17 Nov 2011 12:56pm EST 

Rigrodsky & Long, P.A. announced that it has launched an investigation on behalf of the shareholders of Lydall, Inc., with respect to whether the Company and certain of its Officers and Directors have possibly violated the federal securities laws. 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  Full Article

Bronstein, Gewirtz & Grossman, LLC Investigates Lydall, Inc.
Wednesday, 16 Nov 2011 05:42pm EST 

Bronstein, Gewirtz & Grossman, LLC announced that it is investigating potential claims on behalf of purchasers of the securities of Lydall, Inc., concerning whether the Company and certain of its officers and directors have violated federal securities laws. On November 8, 2011, shares of Lydall plummeted 20% after the company disclosed accounting errors that trimmed its second-quarter profit by 4 cents a share. These mistakes, since corrected, were 'related to the accounting for U.S. income taxes associated with dividends from a foreign subsidiary, Lydall said. In a regulatory filing, Lydall revised 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.  Full Article

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