On or around 02/07/2017 (Court's order of dismissal)
Filing Date: January 06, 2016
According to the law firm press release, 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.
On March 18, 2016, the Court issued an Order appointing Lead Plaintiff and Lead Counsel. Lead Plaintiffs filed an amended complaint on May 18.
On February 7, 2017, the Court issued an Order dismissing this case with prejudice.
Company & Securities Information
Defendant: KLX Inc.
Sector: Capital Goods
Industry: Aerospace & Defense
Headquarters: United States
Ticker Symbol: KLXI
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.