NEW YORK, Jan. 13, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds
investors in Fenix Parts, Inc. (“Fenix” or the “Company”) (NASDAQ:FENX) of the March 13, 2017 deadline to seek the role of lead
plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Fenix
stock or options between May 14, 2015 and October 12, 2016 (the “Class Period”). The case, BEEZLEY v. FENIX PARTS, INC.
et al, No. 17-cv-00233 was filed on January 12, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to maintain proper
accounting which resulted in misguiding financial statements.
First, on September 10, 2015, Street Sweeper published the article, “Fenix Parts: This Automobile Parts Seller Could Be
Headed To The Junkyard” revealing the Company’s lack of adequate inventory valuation methodologies. After the announcement,
Fenix’s share price fell from $9.59 per share on September 9, 2015 to a closing price of $8.47 on September 10, 2015—a $1.12 or a
11.7% drop.
Then, on October 13, 2016, the Company issued a press release announcing that it would be unable to file its quarterly report
for the second quarter of 2016 and that it had received a subpoena from the Securities and Exchange Commission. The subpoena
is focused on the Company’s recent change in its independent registered public accounting firm, its previously announced business
combinations and related goodwill impairment charge, the effectiveness of its internal control over financial reporting and its
inventory valuation methodology. After the announcement, Fenix’s share price fell from $3.87 per share on October 12, 2016 to
a closing price of $3.42 on October 13, 2016 — a $0.45 or a 11.63% drop.
Request more information now by clicking here: www.faruqilaw.com/FENX. There is no cost or obligation to you.
Take Action
If you invested in Fenix stock or options between May 14, 2015 and October 12, 2016 and would like to discuss your legal rights,
visit www.faruqilaw.com/FENX. You can also contact us by calling Richard Gonnello toll free at
877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information
regarding Fenix’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is
adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the
putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and
remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as
a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do
not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular
case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
