STEVENSON, Md. -- (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 Pivenalso 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160212005681/en/
Contacts:
Brower Piven, A Professional Corporation
Charles J. Piven,
410-415-6616
1925 Old Valley Road
Stevenson, Maryland 21153
hoffman@browerpiven.com
Source: Brower Piven, A Professional Corporation
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