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NEW YORK, Jan. 11, 2016 (GLOBE NEWSWIRE) -- The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Southern District of Florida on behalf of investors who purchased KLX Inc. (NASDAQ:KLXI) securities between March 9, 2015 and November 11, 2015.
Click here to learn about the case: http://docs.wongesq.com/KLXI-Info-Request-Form-1044. There is no cost or obligation to you.
The complaint alleges that, throughout the class period, 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.
On November 12, 2015, KLX disclosed that it expects to recognize an impairment charge of approximately $435 million related to ESG. Upon this news, shares of KLX fell 16% from a close of $39.00 per share on November 11, 2015, to a close of just $32.11 per share.
If you suffered a loss in KLX you have until March 7, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email [email protected], by telephone at 212.425.1140, or visit http://docs.wongesq.com/KLXI-Info-Request-Form-1044.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Vincent Wong, Esq. 39 East Broadway Suite 304 New York, NY 10002 Tel. 212.425.1140 Fax. 866.699.3880 E-Mail: [email protected]
