Roadrunner Transportation Systems Receives Anticipated NYSE Notice Due to Previously Announced Late Form 10-K Filing
April 07 2017 - 4:10PM
Business Wire
Roadrunner Transportation Systems, Inc. (“Roadrunner” or “the
company”) (NYSE: RRTS), a leading asset-right transportation and
asset-light logistics service provider, announced today that, as
anticipated, it has received a notice from the New York Stock
Exchange (the “NYSE”) that Roadrunner is not in compliance with the
NYSE’s continued listing requirements under the timely filing
criteria set forth in Section 802.01E of the NYSE Listed Company
Manual as a result of the company’s failure to timely file its
Annual Report on Form 10-K for the fiscal year ended December 31,
2016 (the “Form 10-K”). Such notices are routinely issued by the
NYSE when there are late filings with the Securities and Exchange
Commission (the “SEC”).
As previously disclosed, the reason for the delay is that the
company has determined that certain financial statements previously
filed with the SEC should no longer be relied upon and will be
restated. Roadrunner was unable to file the Form 10-K by its
extended deadline because the company is continuing to investigate
the causes of certain accounting discrepancies and review its
internal control over financial reporting and compliance programs.
The company, in consultation with its outside advisors, is working
diligently to complete the steps necessary in order to file its
Form 10-K as soon as practicable.
The NYSE informed Roadrunner that, under the NYSE’s rules, the
company has until September 30, 2017 to file the Form 10-K with the
SEC. Roadrunner can regain compliance with the NYSE listing
standards before that deadline by filing the Form 10-K with the
SEC. If Roadrunner fails to file the Form 10-K by the NYSE’s
compliance deadline, the NYSE may grant, at its sole discretion, an
extension of up to six additional months for the company to regain
compliance, depending on the specific circumstances.
About Roadrunner Transportation Systems, Inc.
Roadrunner is a leading asset-right transportation and
asset-light logistics service provider offering a full suite of
solutions under the Roadrunner Freight, Roadrunner Express,
Roadrunner Temperature Controlled, Roadrunner Truckload Plus,
Roadrunner Intermodal Services and Ascent Global
Logistics® brands. The Roadrunner brand offers solutions
including less-than-truckload, air and ground domestic and
cross-border expedite, dry van and temperature controlled truckload
logistics and intermodal services. The Ascent Global Logistics
brand offers domestic freight management, retail consolidation,
international freight forwarding and customs brokerage. For more
information, please visit Roadrunner’s websites, www.rrts.com and www.ascentgl.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended that relate to future events or performance.
Forward-looking statements include, among others, Roadrunner’s
internal control over financial reporting and changes to
Roadrunner’s control environment; Roadrunner’s plans to restate its
consolidated financial statements and amend prior SEC filings; the
timing of such restatement; and the timing of filing the Form 10-K.
These statements are often, but not always, made through the use of
words or phrases such as “may,” “will,” “anticipate,” “estimate,”
“plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,”
“intend,” “predict,” “potential,” “opportunity,” and similar words
or phrases or the negatives of these words or phrases. These
forward-looking statements are based on our current assumptions,
expectations and beliefs and are subject to substantial risks,
estimates, assumptions, uncertainties and changes in circumstances
that may cause Roadrunner’s actual results, performance or
achievements, as well as Roadrunner’s expectations regarding
materiality or significance, the restatement’s quantitative effects
and the effectiveness of Roadrunner’s internal control over
financial reporting, to differ materially from those expressed or
implied in any forward-looking statement. Such factors include,
among others, the timing and nature of the final resolution of the
investigation and any accounting discrepancies; any delay in the
filing of required periodic reports, including the Form 10-K, with
the SEC; whether the investigation will require additional changes
or corrections to reported financial information; whether the
reassessment of Roadrunner’s internal control over financial
reporting could lead Roadrunner to conclude that there were
deficiencies in its internal control over financial reporting that
constitute material weaknesses; unanticipated material issues that
could delay the completion of the investigation; Roadrunner’s
responses to potential comments from the SEC; adverse effects on
Roadrunner’s business and operations as a result of the
investigation and/or restatement, the reactions to such events by
Roadrunner’s customers, or increased regulatory, media or financial
reporting issues and practices, rumors or otherwise; the costs and
expenses of the investigation; the initiation of legal proceedings;
and the volatility of Roadrunner’s stock price. In addition, please
refer to the risk factors contained in Roadrunner’s SEC filings,
including Roadrunner’s most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. Because the risks, estimates,
assumptions and uncertainties referred to above could cause actual
results or outcomes to differ materially from those expressed in
any forward-looking statements, you should not place undue reliance
on any forward-looking statements. Any forward-looking statement
speaks only as of the date hereof, and, except as required by law,
Roadrunner assumes no obligation and does not intend to update any
forward-looking statement to reflect events or circumstances after
the date hereof.
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version on businesswire.com: http://www.businesswire.com/news/home/20170407005675/en/
Roadrunner Transportation Systems, Inc.Betty
Kujawa414-615-1631orReputation PartnersMarilyn
Vollrath414-376-8834ir@rrts.com
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