PPG Industries (NYSE:PPG) says it has fired its controller and reassigned employees after an internal investigation found evidence that improper accounting entries were made by certain employees at the direction of the former controller.

PPG says errors pertaining to Q1 2018 will result in a $7.8M net decrease in income from continuing operations before taxes, and additional Q1 errors still may be found.

The company also identified improper reclassifications of gains from income from discontinued operations to income from continuing operations, resulting in errors totaling $2.1M in Q2 2017 and $4.7M in Q4 2017.

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