Kehoe Law Firm, P.C. is investigating claims on behalf of investors of Kirby Corporation (“Kirby” or the “Company”) (NYSE: KEX) to determine whether Kirby engaged in securities fraud or other unlawful business practices.
Investors who purchased, or otherwise acquired, Kirby Corporation securities and suffered losses greater than $100,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Kevin Cauley, Director, Business Development, (215) 792-6676, Ext. 802, [email protected]irm.com, [email protected], to discuss the investigation or potential legal claims.
On July 10, 2020, Kirby announced 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.”
The Company also stated 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.”
On this news, Kirby’s stock price was down as much as 2.47% during intra-day trading on July 13, 2020.