Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In KLX Inc. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in KLX Inc. (“KLX” or the “Company”) (NASDAQ:KLXI) of the March 7, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of Florida on behalf of all those who purchased KLX securities between March 9, 2015 and November 11, 2015 (the “Class Period”). The case, Mordy v. KLX Inc. et al, Docket No. 9:16-cv-80023 was filed on January 6, 2016, and has been assigned to Judge Robin L. Rosenberg.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the value of the KLX’s identifiable intangible assets and goodwill associated with KLX’s Energy Services Group (“ESG”), as well as its policies and methodology related to the calculation of risk, goodwill, and asset impairment. Specifically, on November 12, 2015, KLX announced that it would have to recognize an impairment charge of approximately $435 million related to ESG which would financially impact the current and future prospects of the company.
After the announcement, KLX’s share price fell from $39.00 per share on November 11, 2015 to a closing price of $32.11 on November 12, 2015—a $6.89 or a 17.67% drop.
If you invested in KLX securities between March 9, 2015 and November 11, 2015 and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding KLX’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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