[Click here to join a class action]
On August 16, 2016, post-market, Fenix filed a notification of late filing of the Company's Form 10-Q for the second quarter of 2016, blaming the delay on its recent change in auditors. On this news, Fenix's share price fell $0.25, or 5.29%, to close at $4.48 on August 17, 2016. On October 13, 2016, Fenix filed a Current Report on Form 8-K, stating that due to the Company's failure to timely file its Form 10-Q for the second quarter of 2016, NASDAQ had issued the Company a notice of delisting. Fenix also provided an update on the delay of the filing of its Form 10-Q for the second quarter of 2016, revealing that the Company had received a subpoena from the Securities and Exchange Commission requiring production of documents related to Fenix's 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.
On this news, Fenix's share price fell $0.45, or 11.63%, to close at $3.42 on October 13, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-fenix-parts-inc---fenx-300368157.html
SOURCE Pomerantz LLP