Kirby Corporation (KEX)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Kirby Corporation (“Kirby” or the “Company”) (NYSE: KEX). The investigation concerns whether Kirby and certain of its officers and/or directors have violated federal securities laws.
On July 10, 2020, Kirby revealed that “[o]n July 8, 2020, Kirby . . . determined that it will be required to restate its previously issued unaudited condensed financial statements for the first quarter ended March 31, 2020 previously filed on Form 10-Q on May 8, 2020. This determination occurred following discussions of the matter between KPMG and the officers of the Company. Accordingly, investors should no longer rely upon previously issued financial statements included in the Company's previously filed Form 10-Q for the first quarter ended March 31, 2020.” Kirby continued to state that it “. . . has determined its non-cash non-recurring goodwill impairment charge for the three months ended March 31, 2020 was understated by $127,933,000 before taxes, $98,773,000 after taxes, or a $1.65 loss per share, due to not applying a specific provision of a new accounting standard that the Company had recently adopted on January 1, 2020.” Following this news, Kirby stock dropped roughly 2.47% during intra-day trading on July 13, 2020.
If you are aware of any facts relating to this investigation, or purchased Kirby shares, you can assist this investigation by contacting the firm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.