NEW YORK--(BUSINESS WIRE)--The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Celadon Group Inc. (NYSE: CGI) who purchased shares between January 27, 2016 and May 2, 2017. The action, which was filed in the U.S. District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) CGI's equity contribution to its joint venture with Element Financial Corp. was $68.2 million, rather than the $100 million contribution the Company reported in its public filings; (ii) the Company is being actively investigated by the SEC; (iii) CGI’s financial statements for the fiscal year ended June 30, 2016 and the quarter ended September 30, 2016 could not be relied upon; (iv) that as a result of the foregoing, CGI's publicly disseminated financial statements were materially false and misleading.
Shareholders have until June 19, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sa/celadon-group-inc?wire=2.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.