PPG, Investors’ $25 Million Settlement Gets Initial Court OK

Paintmaker PPG Industries Inc.'s $25 million settlement with investors who accused it of manipulating financial results secured initial approval.

The Pittsburgh-based firm’s investors sued after a former executive directed employees to report income in the wrong quarter to make it look as if PPG met consensus analyst estimates. The settlement is a fair, adequate, and reasonable resolution of the suit, the U.S. District Court for the Central District of California said July 25.

The $25 million represents about 5.8% of the maximum damages the investors could have recovered at trial, the investors said. The average 2018 recovery in any securities ...