Investigation Overview
March 3, 2015 (Shareholders Foundation) - An investigation on behalf of investors of Essex Rental Corp. (NASDAQ:ESSX) shares over potential securities laws violations by Essex Rental Corp. and certain of its directors and officers in connection certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Essex Rental Corp. (NASDAQ:ESSX) concerning whether a series of statements by Essex Rental regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Essex Rental Corp. reported that while its annual Total Revenue declined from $98.26 million in 2012 to $95.54 million, its Net Loss declined from $12.65 million to $9.64 million. Shares of Essex Rental Corp. (NASDAQ:ESSX) traded during 2013 as high as $4.46 per share.
On February 26, 2015, Essex Rental Corp. announced that its earnings release and related management conference call and webcast are being rescheduled in order to allow Essex time to evaluate the classification of its revolving credit facilities as current liabilities or long-term obligations. Essex Rental Corp. stated that if any change in classification of the revolving credit facilities would likely result in a restatement of prior period balance sheets. Shares of Essex Rental Corp. (NASDAQ:ESSX) declined to as low as $0.72 per share on February 26, 2015.