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KLX Inc (NASDAQ: KLXI) Investor Securities Class Action Lawsuit 01/06/2016

  • If you purchased shares of KLX Inc (NASDAQ: KLXI), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
KLX Inc
Security
NASDAQ: KLXI

Case Name
KLX Shareholder Class Action Lawsuit 01/06/2016
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

February 8, 2017 - The court granted defendants' motion to dismiss.
June 20, 2016 - A motion to dismiss the amended complaint was filed.

May 18, 2016 - An amended complaint was filed.

January 6, 2016 - An investor in shares of KLX Inc (NASDAQ: KLXI) 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 in connection with certain allegedly false and misleading statements made between March 9, 2015 and November 11, 2015.

According to the complaint 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 Inc 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 Inc’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 Inc 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.