NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Celadon Group, Inc. (NYSE:CGI) securities between December 30, 2016 and April 18, 2017 (the “Class Period”). Investors have until June 19, 2017, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Celadon’s equity contribution to its joint venture with Element Financial Corp. was $68.2 million, not $100 million as the Company reported in its public filings; and (2) Celadon is being actively investigated by the SEC.
On April 5, 2017, a report issued by Prescience Point Research Group charged that “CGI has used off-balance sheet entities . . . and manipulative accounting practices to hide its insolvent condition from investors and creditors.” Following this news, Celadon shares fell $0.85 per share, or 14%, to close at $5.40 on April 5, 2017. On April 19, 2017, Prescience Point Research published another report in which it provided correspondence from the SEC indicating that CGI was under investigation. Celadon’s share price has decreased over 30% since the publication of the April 5, 2017 report.
If you purchased or otherwise acquired CGI securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Lion Biotechnologies lawsuit, please go to www.bespc.com/celadon. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.