WILMINGTON, Del., Jan. 11, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of KLX Inc. (NASDAQ:KLXI)?
- Did you purchase your shares between March 9, 2015 and November 11, 2015, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of Florida on behalf of all persons or entities that purchased the common stock of KLX Inc. (“KLX” or the “Company”) (NASDAQ:KLXI) between March 9, 2015 and November 11, 2015, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of KLX during the Class Period, or purchased shares prior to the Class Period and still hold KLX, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/klx-inc-klxi.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on November 12, 2015, before the market opened, KLX announced preliminary financial results for the quarter ended October 31, 2015. In the press release, the Company disclosed that “[d]uring the third quarter of 2015, the Company performed an interim asset impairment test.” Based on that asset impairment test, KLX stated, “the company expects to recognize a non-cash, after-tax asset impairment charge of approximately $435 million” related to its Energy Services Group.
On this news, shares of KLX dropped over 17%, closing at $32.11 per share on November 12, 2015, on heavy trading volume.
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. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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