BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of investors of Fenix Parts, Inc. (“Fenix” or the “Company”) (NASDAQ: FENX) concerning the Company and its officers’ potential violation of federal securities laws.
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.
On August 16, 2016, Fenix filed a notification of late filing of its Form 10-Q for the second quarter of 2016 with the 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.
Then 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.
If you purchased Fenix securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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