LKQ Corporation Faces Leadership Changes and Investigation Following Weak Preliminary Q3 Results

LKQ Corporation said preliminary third-quarter results were significantly below analyst expectations, citing disruptions from a German ERP implementation and European profit margins at roughly half their year-earlier levels. The company announced the immediate departures of its CEO and head of Europe, hired a turnaround firm to stabilize European operations, and withdrew its full-year guidance. Block & Leviton announced an investigation into whether LKQ and its executives misled investors about European operations and the ERP rollout.