An investor, who purchased NASDAQ:FENX shares, filed a lawsuit against Fenix Parts Inc over alleged violations of Federal Securities Laws.
Investors who purchased shares of Fenix Parts Inc (NASDAQ:FENX) have certain options and for certain investors 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.
According to the complaint 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.
Fenix Parts Inc went public in May 2015 and its shares reached $11.51 per share in June 2015. 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. Shares of Fenix Parts Inc (NASDAQ:FENX) declined to as low as $3.12 per share on October 14, 2016.
Those who purchased NASDAQ:FENX shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com