Chicago, Illinois -- January 20, 2014 -- LKQ Corporation has stated that there was unusual trading volume yesterday in its common stock.
This activity appears to relate to the issuance of a report by Prescience Point, a short seller, recommending that stockholders sell LKQ stock. LKQ has reviewed the report and the company says it disagrees with many of its statements, assumptions and conclusions. Moreover, the company says it contains numerous inaccuracies.
Prescience Point notably warns readers to assume that it and/or its affiliates hold short positions in LKQ's common stock and that they stand to realize significant gains in the event that LKQ's stock price declines. The company believes that the perceived conflict of interest should cause the report and its conclusions to be viewed skeptically.
"Management of LKQ stands firmly behind our company. I am proud of the honesty and integrity with which we have operated our business and take exception to any claims to the contrary," says Robert L. Wagman, president and CEO. "Our fourth quarter ended on Dec. 31, 2013, so we are in a blackout period until we issue our financial results at the end of February. Neither the company nor its insiders can buy LKQ stock during a blackout."
Although our fourth quarter and year end 2013 financial results are scheduled to be released in late February 2014, we are confirming today that we expect to report results within the ranges of the 2013 guidance issued on Oct. 31, 2013, except that we anticipate cash flow provided from operations to exceed guidance.
For more information on LKQ, please visit LKQcorp.com.