SAN DIEGO, Feb. 07, 2017 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in New Jersey on behalf of certain purchasers of shares of Fenix Parts Inc (NASDAQ:FENX) over alleged Securities Laws Violations by Fenix Parts Inc .
Investors who purchased shares of Fenix Parts Inc (NASDAQ:FENX) have certain options and for certain investors there are short and strict deadlines running. Deadline: March 13, 2017. NASDAQ: FENX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Fenix had an inadequate inventory valuation methodology, that Fenix Parts Inc had an inadequate methodology to calculate goodwill impairment, that Fenix Parts Inc was engaging and/or had engaged in conduct that would result in an SEC investigation, and that as a result, Defendants’ statements about Fenix’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On October 13, 2016, Fenix Parts Inc filed a Form with the SEC, stating that because of its failure to timely file its Form 10-Q for the second quarter of 2016, NASDAQ has issued it a notice of delisting. Fenix Parts Inc also provided an update on the delay of the filing of its Form 10-Q for the second quarter of 2016, revealing that it has received a subpoena from the SEC requiring production of documents related to Fenix Parts’ recent change of auditors, its previously announced business combinations and related goodwill impairment charge, effectiveness of internal controls over financial reporting, and internal valuation methodology.
Those who purchased Fenix Parts Inc (NASDAQ:FENX) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.