WILMINGTON, Del., June 29, 2020 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Delaware on behalf of holders of KLX Energy Services Holdings, Inc. (“KLX” or the “Company”) (NASDAQ GS: KLXE) common stock in connection with the proposed merger of KLX, Quintana Energy Services, Inc. (“Quintana”), and Krypto Merger Sub, Inc. (“Merger Sub”) announced on May 3, 2020 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against KLX, its Board of Directors (the “Board”), Quintana, and Merger Sub, is captioned Sabatini v. KLX Energy Services Holdings, Inc., Case No. 1:20-cv-00778 (D. Del.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at email@example.com, or at https://www.rigrodskylong.com/cases-klx-energy-services-holdings-inc,join.
On May 3, 2020, KLX entered into an agreement and plan of merger (the “Merger Agreement”) with Quintana and Merger Sub. Pursuant to the terms of the Merger Agreement, shareholders of Quintana will receive 0.4844 shares of KLX for each share of Quintana common stock 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 Form S-4 Registration Statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Registration Statement omits material information with respect to, among other things, the Company’s and Quintana’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.
If you wish to serve as lead plaintiff, you must move the Court no later than August 28, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.
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