Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against KLX, Inc. (KLXI) 

NEW YORK, Jan. 08, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against KLX, Inc. (“KLX” or the “Company”) (Nasdaq:KLXI) in the United States District Court for the Southern District of Florida on behalf of a class consisting of all persons or entities who purchased KLX securities between March 9, 2015 and November 11, 2015, inclusive (the “Class Period”).  This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges throughout the Class Period, KLX and certain of its officers and/or directors violated the Exchange Act by misrepresenting the value of the KLX’s identifiable intangible assets and goodwill associated with their company’s Energy Services Group (“ESG”), as well as its policies and methodology related to the calculation of risk, goodwill, and asset impairment.

On November 12, 2015, KLX disclosed that it would be forced to recognize an impairment charge of approximately $435 million related to its Energy Services Group. Following this news, KLX shares fell 16%, to a close of just $32.11 per share on November 11, 2015.

If you wish to serve as lead plaintiff, you must move the Court no later than March 7, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

Please visit our website at http://www.gme-law.com for more information about the firm.