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Investigation for Long-Term Investors in shares of Kirby Corporation (NYSE: KEX) over potential Wrongdoing

09-25-2020 12:56 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors in Kirby Corporation (NYSE: KEX) shares over potential wrongdoing at Kirby Corporation.

An investigation on behalf of investors in Kirby Corporation (NYSE: KEX) shares over potential wrongdoing at Kirby Corporation.

An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Kirby Corporation.

Investors who purchased shares of Kirby Corporation (NYSE: KEX) s have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain Kirby Corporation directors breached their fiduciary duties and caused damage to the company and its shareholders.

Houston, TX based Kirby Corporation operates domestic tank barges in the United States. Kirby Corporation reported that its annual Total Revenue declined from over $2.97 billion in 2018 to over $2.83 billion in 2019, and that its Net Income increased from $78.45 million in 2018 to $142.34 million in 2019.

On July 8, 2020, Kirby Corporation announced that, for the first quarter ended March 31, 2020, it had understated non-cash non-recurring goodwill impairment charges 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.

Shares of Kirby Corporation (NYSE: KEX) declined from $62.66 per share on June 5, 2020, to as low as $44.65 per share on July 13, 2020.

Those who purchased shares of Kirby Corporation (NYSE: KEX) have certain options and should contact the Shareholders Foundation.

Media Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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