Dynamic Materials Corporation (NASDAQ:BOOM) Investor Investigation Over Possible Securities Laws Violations

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Company Name(s): 
Dynamic Materials
Affected Securities: 

March 9, 2015 (Shareholders Foundation) - An investigation on behalf of investors of Dynamic Materials Corporation (NASDAQ:BOOM) shares over potential securities laws violations by Dynamic Materials and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Dynamic Materials Corporation (NASDAQ:BOOM) concerning whether a series of statements by Dynamic Materials Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Dynamic Materials Corporation reported that its annual Total Revenue rose from $201.57 million in 2012 to $209.57 million in 2013 and that its respective Net Income declined from $11.70 million to $7.50 million.

On March 6, 2015, Dynamic Materials Corporation commented on the delay in issuing its 2014 fourth quarter and year-end financial results.
Dynamic Materials Corporation said that during the year-end audit process, the audit committee of the board of directors, after review and discussion with management and the Company’s independent registered public accounting firm, Ernst & Young LLP (“EY”), determined the Company incorrectly accounted for income tax expense and related deferred tax assets and liabilities at its business entities in Germany.

Dynamic Materials Corporation said that the accounting error and related internal control issue were observed during the external audit and, upon investigation by management, it was determined a restatement of the related consolidated financial statements and a reevaluation of internal controls was necessary.

Dynamic Materials Corporation stated that it plans to restate its consolidated financial statements for the years ended December 31, 2013 and 2012, the four quarters of 2013, and the first, second and third quarters of 2014, primarily to reflect this correction as well as to correct other items.

Shares of Dynamic Materials Corporation (NASDAQ:BOOM) declined to as low as $14.03 per share.