LAWSUIT ALERT - Andrews & Springer LLC Announces That A Securities Fraud Class Action Has Been Filed By A Law Firm Against Roadrunner Transportation Systems, Inc. - RRTS
Friday, May 05, 2017 8:03:16 AM ET
Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announces that a securities fraud class action lawsuit has been filed by another law firm on behalf of shareholders of Roadrunner Transportation Systems, Inc. (RRTS ) ("Roadrunner Transportation" or the "Company") for possible corporate misconduct and violations of securities laws.
A copy of the complaint is available from Andrews & Springer LLC. If you currently own shares of Roadrunner Transportation and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/roadrunner-transportation-systems-class-action-investigation/ or contact Craig J. Springer, Esq. at firstname.lastname@example.org, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn - www.linkedin.com/company/andrews-&-springer-llc, Twitter - www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
A Roadrunner Transportation shareholder represented by another law firm has filed a class action complaint against Roadrunner Transportation for federal securities fraud. The complaint was filed in the United States District Court, Eastern District of Wisconsin, Case No. 2:17-cv-00144-PP.
According to the lawsuit, from May 8, 2014 through January 30, 2017, Roadrunner Transportation and its senior executives made fraudulent and misleading statements violating federal securities laws.
Specifically, the complaint alleges that Roadrunner Transportation and certain of its officers and directors ("Defendants") misrepresented and/or failed to disclose that: (1) Roadrunner Transportations Morgan Southern, Inc. and Bruenger Trucking subsidiaries had engaged in improper accounting practices; (2) Roadrunner Transportation lacked effective internal controls; (3) as a result, Roadrunner Transportation overstated its earnings throughout the Class Period by tens of millions of dollars; and (4) as a result of the foregoing, Roadrunner Transportations financial statements were materially false and misleading.
On November 10, 2016, Roadrunner Transportation revealed that it would be unable to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016. The Company attributed the delay to a mistake in the calculation of its cash flow leverage ratio for the four quarters ended September 30, 2016. Then, on January 30, 2017, Roadrunner Transportation issued a press release announcing the restatement of prior period financial statements. In addition, the Company stated that, "related press releases, investor presentations, or other communications describing Roadrunners financial statements for these periods should no longer be relied upon." Roadrunner Transportation specified that an investigation uncovered various accounting errors that the company currently estimates will require prior period adjustments to Roadrunners results of operations in the range of $20 to $25 million. The price of Roadrunner Transportation shares fell from $11.54 to $7.92 on January 31 causing investors millions in losses.
If you currently own shares of Roadrunner Transportation and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/roadrunner-transportation-systems-class-action-investigation/ or contact Craig J. Springer, Esq. at email@example.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn - www.linkedin.com/company/andrews-&-springer-llc, Twitter - www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Contact: Craig J. Springer, Esq.
Toll Free: 1-800-423-6013
<img src="http://www.globenewswire.com/newsroom/ti?ndecode=MTUwIzY3NzkzODQ=" alt="" width="1" height="1"/>