LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their Roadrunner investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
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.
If you purchased shares of Roadrunner during the Class Period, you may move the Court no later than April 3, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.