LKQ defends itself against short-seller's report predicting 70% drop

|About: LKQ Corporation (LKQ)|By:, SA News Editor

LKQ Corp. (LKQ), which fell nearly 9% yesterday after Prescience Point Research said it exaggerated revenue growth, today said the short seller's report contained "numerous inaccuracies."

Prescience Point said profits at LKQ have been amplified by acquisitions and the company faces declining demand for its auto parts.

LKQ says management stands behind the company but the company is now in a blackout period until financial results are issued in late February.

Investors should buy LKQ shares after the decline, Stifel Nicolaus says, citing management's “best in class” practices.