UPCOMING DEADLINE ALERT: Brower Piven Encourages Shareholders Who Have Losses in Excess of $100,000 from Investment in KLX In...
February 12 2016 - 11:00PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of Florida on behalf of purchasers of KLX Inc. (Nasdaq:
KLXI) (“KLX” or the “Company”) securities during the period between
March 9, 2015 and November 11, 2015, inclusive (the “Class
Period”). Investors who wish to become proactively involved in the
litigation have until March 7, 2015 to seek appointment as lead
plaintiff.
If you have suffered a loss from investment in KLX securities
purchased on or after March 9, 2015 and held through the revelation
of negative information during and/or at the end of the Class
Period, as described below, and would like to learn more about this
lawsuit and your ability to participate as a lead plaintiff,
without cost or obligation to you, please visit our website at
http://www.browerpiven.com/currentsecuritiescases.html. You may
also request more information by contacting Brower Piven either by
email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
No class has yet been certified in the above action. Members of the
Class will be represented by the lead plaintiff and counsel chosen
by the lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in Company securities during the Class Period. Brower
Piven also encourages anyone with information regarding the
Company’s conduct during the period in question to contact the
firm, including whistleblowers, former employees, shareholders and
others.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that 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 were misrepresented.
According to the complaint, following the Company’s disclosure
on November 12, 2015 that it expects to recognize an impairment
charge of approximately $435 million related to ESG, the value of
KLX shares declined significantly.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
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version on businesswire.com: http://www.businesswire.com/news/home/20160212005681/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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