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Oklahoma City, OK (January 4, 2019) – On January 2, 2019, a securities class action lawsuit was filed in the United States District Court for the Northern District of New York against YRC Worldwide, Inc. (NASDAQ: YRCW). 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 March 10, 2014 through December 14, 2018. More specifically, the Complaint alleges that YRC made false and/or misleading statements and/or failed to disclose that: (1) from 2005 to at least 2013, YRC systematically overcharged the federal government for freight carrier services; (2) this alleged misconduct caused the Department of Defense to overpay by millions of dollars for shipments that were lighter, and thus cheaper, than the weights for which the government was charged; (3) consequently, this alleged misconduct would subject YRC to enhanced government scrutiny and liabilities, including potentially owing treble damages under the False Claims Act; and (4) as a result, YRC’s public statements were materially false and misleading at all relevant times.
The truth was revealed to the market on December 14, 2019, when the United States filed a civil complaint in U.S. District Court for the Western District of New York against YRC entities alleging that the Government was systematically overcharged by YRC for freight carrier services and that YRC entities made false statements to the Government that hid their misconduct.
Plaintiff seeks to recover damages on behalf of all YRC Worldwide, 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, March 4, 2019 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.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at email@example.com