San Diego, CA -- (SBWIRE) -- 10/18/2016 -- An investigation on behalf of investors in shares of Fenix Parts Inc (NASDAQ:FENX) was announced over potential breaches of fiduciary duties by certain directors at Fenix Parts.
Investors who purchased shares of Fenix Parts Inc (NASDAQ:FENX) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain Fenix Parts Inc directors breached their fiduciary duties and caused damage to the company and its shareholders.
Fenix Parts Inc went public in May 2015 and its shares reached $11.51 per share in June 2015.
On August 18, 2015, Fenix Parts Inc announced that it would be unable to timely file its quarterly report for the period ended June 30, 2015, and disclosed that, "because of the extensive process necessary to compile this information for SEC reporting, we are delaying our filing until September 2."
On September 2, 2015, Fenix Parts Inc failed to file its quarterly report, announced second quarter 2015 pro forma revenues of $27 million, and further disclosed that it expected to report a loss for the quarter.
On September 10, 2015, Fenix Parts Inc was the subject of an analyst report that criticized Fenix Parts' alleged misleading financial statements, and Fenix Parts' lack of adequate internal controls over accounting.
On August 16, 2016, Fenix Parts Inc filed a notification of late filing of its Form 10-Q for the second quarter of 2016 with the SEC.
On October 13, 2016, Fenix Parts Inc filed a Form with the SEC, stating that because of its failure to timely file its Form 10-Q for the second quarter of 2016, NASDAQ has issued it a notice of delisting. Fenix Parts Inc also provided an update on the delay of the filing of its Form 10-Q for the second quarter of 2016, revealing that it has received a subpoena from the SEC requiring production of documents related to Fenix Parts' recent change of auditors, its previously announced business combinations and related goodwill impairment charge, effectiveness of internal controls over financial reporting, and internal valuation methodology. Shares of Fenix Parts Inc (NASDAQ:FENX) declined to as low as $3.12 per share on October 14, 2016.
Those who purchased shares of Fenix Parts Inc have certain options and should contact the Shareholders Foundation.
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