Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Fenix Parts, Inc.
Oklahoma City, OK (January 13, 2017) – On January 12, 2017, a securities class action lawsuit was filed in the United States District Court for the District of New Jersey against Fenix Parts, Inc. (NASDAQ: FENX). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is May 14, 2015 through October 12, 2016. More specifically, this litigation was filed because the Company failed to disclose that: (1) Fenix had an inadequate inventory valuation methodology; (2) Fenix had an inadequate methodology to calculate goodwill impairment; (3) Fenix was engaging and/or had engaged in conduct that would result in an SEC investigation; and (4) as a result, the Company’s statements about Fenix’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When this information was released to the public, the value of Fenix stock fell severely, causing investors harm.
Plaintiff seeks to recover damages on behalf of all Fenix Parts, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, March 13, 2017 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Fri, January 13, 2017
by Nancy Beatty filed under