Robbins LLP Is Investigating the Officers and Directors of Fenix Parts, Inc. (FENX) on Behalf of Shareholders
Robbins LLP is investigating whether certain officers and directors of Fenix Parts, Inc. (NASDAQGM: FENX) violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 in connection with the company’s recent delays in filing its quarterly report. Fenix Parts focuses on recycling and reselling original equipment manufacturer automotive products in the U.S. and Canada.
Fenix Parts Misses U.S. Securities and Exchange Commission Filing Deadline
On August 18, 2015, Fenix Parts announced that it would be unable to timely file its Form 10-Q for the period ended June 30, 2015, and disclosed that it was delaying the filing to September 2, citing the extensive process necessary to compile the information for reporting to the U.S. Securities and Exchange Commission (“SEC”). On August 26, 2015, Fenix Parts announced that it received a noncompliance notice from The Nasdaq Stock Market stating it had not complied with the requirement to timely file its Form 10-Q with the SEC for the quarter ended June 30, 2015.
On September 2, 2015, Fenix Parts failed to file its quarterly report, announced second quarter 2015 pro forma revenues of $27 million, and further disclosed that it expected to report a loss for the quarter. Then, on September 10, 2015, an analyst report by TheStreetSweeper.org criticized the company’s allegedly misleading financial statements, as well as its lack of adequate internal controls over accounting. On this news, Fenix Parts stock declined $1.12 per share, or 11.68%, to close at $8.47 on September 10, 2015.
In light of this news, Robbins LLP’s investigation focuses on whether Fenix Parts and/or its officers issued materially misleading business information to the investing public.
Fenix Parts Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.