An investigation on behalf of investors in Exterran Corp (NYSE:EXTN) shares over potential wrongdoing at Exterran was announced.
San Diego, CA -- (SBWIRE) -- 06/20/2016 -- An investigation on behalf of investors in shares of Exterran Corp (NYSE:EXTN) was announced over potential breaches of fiduciary duties by certain directors at Exterran Corp.
Investors who purchased shares of Exterran Corp (NYSE:EXTN) have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm concerns whether certain Exterran directors breached their fiduciary duties and caused damage to the company and its shareholders.
On November 4, 2015, Exterran completed its spin-off from Exterran Holdings, Inc. into an independent, publicly traded company, and began "regular way" trading on the NYSE opening at $18.00 per share.
On February 25, 2016, Exterran Corp reported its fourth quarter 2015 results. Exterran Corp reported that its Total Revenue declined from over $2.17 billion in 2014 to over $1.86 billion in 2015 and that its Net Income of $152.51 million in 2014 declined to a Net Income of $46.21 million in 2015.
On April 26, 2016, in addition to delaying the filing of its first quarter 2016 Form 10-Q, Exterran Corp announced that it is restating its financial statements for 2015 because of material errors and possible irregularities relating to the accounting for certain Belleli EPC contracts, and that the financial statements for 2015 and the related independent accounting firm report should no longer be relied upon.
Shares of Exterran Corp (NYSE:EXTN) declined on April 26, 2016 to as low as $15.81 per share, resepctively to as low as $11.38 per share on June 16, 2016.
Those who purchased shares of Exterran Corp have certain options and should contact the Shareholders Foundation.
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