An investor in KLX Inc (NASDAQ:KLXI), filed a lawsuit over alleged violations of Federal Securities Laws by KLX Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of KLX Inc (NASDAQ:KLXI) have certain options and for certain investors are short and strict deadlines running. Deadline: March 7, 2016. NASDAQ:KLXI investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The plaintiff alleges on behalf of purchasers of KLX Inc (NASDAQ:KLXI) common shares between March 9, 2015 and November 11, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 9, 2015 and November 11, 2015 KLX and certain insiders violated the Securities and Exchange Act of 1934 by misrepresenting the value of the Company’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
KLX Inc reported that its annual Total Revenue rose from over $1.29 billion in 2013 to over $1.69 billion in 2014 while its Net Income declined from $150.40 million in 2013 to $88.10 million.
On November 12, 2015, KLX announced that it expects to recognize a non-cash, after-tax asset impairment charge of approximately $435 million related to its Energy Services Group. Shares of KLX Inc (NASDAQ:KLXI) declined to as low as $28.35 per share on November 18, 2015, respectively to as low as $25.50 per share on January 20, 2016.
Those who purchased shares of KLX Inc (NASDAQ:KLXI) have certain options and should contact the Shareholders Foundation.
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