KLX Inc. is a global provider of aerospace fasteners, consumables, and logistics services. It also provides oilfield services and associated rental equipment across North America through its Energy Services Group (“ESG”).

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 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.