A lawsuit was filed for shareholders in NASDAQ:KLXI shares over alleged securities laws violations. Deadline: March 7, 2016. NASDAQ:KLXI investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/01/2016 -- A shareholder in KLX Inc filed a lawsuit in the U.S. District Court for the Southern District of Florida over alleged violations of Federal Securities Laws by KLX Inc.
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 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 $25.50 per share in January 20, 2016.
On January 28, 2016, NASDAQ:KLXI shares closed at $28.27 per share.
Those who purchased shares of KLX Inc (NASDAQ:KLXI) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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