LOS ANGELES--(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 email@example.com.
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