Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Roadrunner Transportation Systems, Inc.
Oklahoma City, OK (February 2, 2017) – On January 31, 2017, a securities class action lawsuit was filed in the United States District Court for the Eastern District of Wisconsin against Roadrunner Transportation Systems, Inc. (NYSE: RRTS). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is May 8, 2014 through January 30, 2017. More specifically, this litigation was filed because the Company failed to disclose that: (1) Roadrunner lacked effective internal controls over financial reporting; (2) Roadrunner’s financial statements dating back to the beginning of 2014 overstated the estimated results of operations; (3) Roadrunner’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) Roadrunner’s financial statements dating back to the beginning of 2014 were not reliable. When the true details entered the market, the lawsuit claims that investors suffered damages.
On this news, Roadrunner’s share price fell $3.62, to close at $7.92 on January 31, 2017.
Plaintiff seeks to recover damages on behalf of all Roadrunner Transportation Systems, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, April 3, 2017 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Thu, February 2, 2017
by Nancy Beatty filed under