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FENIX PARTS, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the District of New Jersey on behalf of investors who purchased Fenix Parts, Inc.

Lead Plaintiff Deadline is March 13, 2017

NEW YORK, Jan. 19, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been commenced in the United States District Court  for the District of New Jersey on behalf of investors who purchased Fenix Parts, Inc. (“Fenix” or the Company”) (NASDAQ:FENX) securities between May 14, 2015 and October 12, 2016, inclusive (“Class Period”).

Investors who have incurred losses in shares of Fenix Parts, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have purchased shares of Fenix Parts, Inc. within the class period and would like to assist with the litigation process as a lead plaintiff, you may, no later than March 13, 2017, request that the Court appoint you lead plaintiff of the proposed class.

Fenix engages in the auto recycling business in the United States and Canada. It is involved in recycling and reselling original equipment manufacturer (OEM) parts, components and systems.

According to the filed complaint, throughout the Class Period Defendants made false and/or misleading statements and/or 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, Defendants’ statements about Fenix’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On August 16, 2016, Fenix filed a notification of late filing of its Form 10-Q for the second quarter of 2016 with the Securities and Exchange Commission (“SEC”). According to the Company, a recent change in auditors was the principal reason for the delay. On this news, shares of Fenix fell approximately 5% to close at just $4.48 per share on August 17, 2016.

Subsequently, on October 13, 2016, Fenix filed its Form 8-K with the SEC, disclosing that due to its failure to file its Form 10-Q for the second quarter of 2016 on time, NASDAQ had issued it a notice of delisting. Additionally, Fenix provided more detail on the delay of the filing of its Form 10-Q for the second quarter of 2016, announcing that it was in receipt of a subpoena from the SEC demanding production of documents concerning, among other things, Fenix’s recent change of auditors as well as its potential lack of internal controls.

On this news, shares of Fenix fell over 11% during intraday trading on October 13, 2016.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP 
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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Distribution channels: Consumer Goods, Law


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