NEW YORK, July 27, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against KLX, Inc. (“KLX” or the “Company”) (NASDAQ: KLXI) and its board of directors (the “Board”) in the Unites States District Court for the District of Delaware in connection with the proposed acquisition of KLX by The Boeing Company and its affiliate (“Boeing”) announced on May 1, 2018 (the “Complaint”). The Complaint alleges violations of the Securities Exchange Act of 1934 against KLX and the Board.
The Complaint alleges that on April 30, 2018, KLX entered into an agreement and plan of merger (the “Merger Agreement”) with Boeing. Pursuant to the terms of the Merger Agreement, shareholders of KLX will receive $63.00 in cash for each share of KLX they own (the “Proposed Transaction”). Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, Defendants issued materially incomplete disclosures in a proxy statement (the “Proxy Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Proxy Statement omits material information with respect to, among other things, KLX’s financial projections and the analyses performed by KLX’s financial advisor. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of KLX common stock.
Investors who purchased or otherwise acquired shares of KLX should contact the Firm prior to the September 24, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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