Tostrud Law Group, P.C. Reminds Investors of April 3rd Deadline in the Class Action Lawsuit Against Roadrunner Transportation...
March 15 2017 - 11:56AM
Business Wire
Tostrud Law Group, P.C. reminds investors of the April 3,
2017 deadline to file a lead plaintiff motion in the class
action filed on behalf of a class of investors who acquired
Roadrunner Transportation Systems, Inc. (“Roadrunner” or the
“Company”) (NYSE: RRTS) securities between May 8, 2014, and
January 30, 2017, inclusive (the “Class Period”). Roadrunner
investors have until April 3, 2017 to file a lead
plaintiff motion. Injured investors are encouraged to contact Jon
Tostrud, Esq. to discuss their legal rights.
On January 30, 2017, the Company disclosed that sometime in
November of 2016, Roadrunner became aware of several possible
accounting errors at its Morgan Southern and Bruenger subsidiaries.
Roadrunner further disclosed that the Company’s Board of Directors
promptly initiated an investigation of the errors, and based on the
information to date Roadrunner has located various accounting
discrepancies that it anticipates will necessitate prior period
adjustments of between $20 million and $25 million.
On this news, shares of Roadrunner fell over 32% during intraday
trading on January 31, 2017.
The complaint filed in this lawsuit alleges that Roadrunner made
materially false and/or misleading statements and/or failed to
disclose that: (1) the Company lacked effective internal controls
over financial reporting; (2) the Company’s financial statements
dating back to the beginning of 2014 overstated the estimated
results of operations; (3) the Company’s financial statements
contained errors relating to unrecorded expenses from unreconciled
balance sheet accounts including cash, driver and other
receivables, and linehaul and other driver payables; and (4) the
Company’s financial statements dating back to the beginning of 2014
were not reliable.
Roadrunner investors have until April 3, 2017 to move the
Court to appoint you as lead plaintiff if you meet certain legal
requirements. If you have information or would like to learn more
about these claims, or if you wish to discuss these matters or have
any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Jon
Tostrud, Esquire, of Tostrud Law Group, P.C., 1925 Century Park
East, Suite 2125, Los Angeles, California 90067, at (310) 278-2600
or by e-mail at jtostrud@tostrudlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20170315006018/en/
Tostrud Law Group, P.C.Jon Tostrud, Esq.(310)
278-2600jtostrud@tostrudlaw.comwww.tostrudlaw.com
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