08/02/2019 20:37:13

Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against XPO Logistics, Inc.

LOS ANGELES, Feb. 08, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the February 12, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased XPO Logistics, Inc. (“XPO” or the “Company”) (NYSE: XPO) securities between February 26, 2014, and December 12, 2018, inclusive (the “Class Period”). XPO investors have until February 12, 2019 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On December 12, 2018, Spruce Point Capital Management (“Spruce Point”) published a report asserting that a “forensic investigation” into XPO had revealed “financial irregularities that conveniently cover [the Company’s] growing financial strain and inability to complete additional acquisitions despite repeated promises.” Specifically, Spruce Point reported that it had discovered, among other issues, “concrete evidence to suggest dubious tax accounting, under-reporting of bad debts, phantom income through unaccountable M&A earn-out liabilities, and aggressive amortization assumptions: all designed to portray glowing ‘Non-GAAP’ results.” On this news, XPO’s share price fell $15.77 per share, or more than 26%, to close at $44.50 on December 13, 2018, thereby injuring investors.

The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) XPO’s highly touted aggressive M&A strategy had yielded only minimal returns to the Company; (2) XPO was utilizing improper accounting practices to mask its true financial condition, including, inter alia, under-reporting of bad debts and aggressive amortization assumptions; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased shares of XPO, you may move the Court no later than February 12, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Prongay and Murray LLP, Los Angeles

Lesley Portnoy, 310-201-9150 or 888-773-9224

www.glancylaw.com 

shareholders@glancylaw.com

GPM Logo.jpg

Related content
06 Mar - 
Analysis: Positioning to Benefit within XPO Logistics, ..
12 Feb - 
FILING DEADLINE--Kuznicki Law PLLC Announces Class Acti..
12 Feb - 
CLASS ACTION UPDATE for XPO, ARLO, NVDA and GSM: Levi &..
Del

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Regulatory news

#

EuroInvestor: In Focus
#

#

EuroInvestor: In Focus
#

#

EuroInvestor: In Focus
#

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
uBreakiFix Expands Dallas Footprint With Grand Prairie Store
2
REVLON 24 HOUR DEADLINE ALERT: APPROXIMATELY 24 HOURS REMAIN; FORMER LOUISIANA ATTORNEY GENERAL AND KAHN SWICK & FOTI, LLC REMIND INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Deadline in Class Action Lawsuit Against Revlon, Inc. - REV
3
Cytokinetics Announces Completion of Enrollment in GALACTIC-HF, Phase 3 Clinical Trial of Omecamtiv Mecarbil in Patients With Heart Failure
4
Translate Bio Appoints George Demetri, M.D., to its Board of Directors
5
Aemetis India Expands Revenues to $50 Million Per Year Run Rate Driven by Biodiesel Shipments to Large Refiners

Related stock quotes

XPO Logistics Inc 58.55 0.2% Stock price increasing

Latest news


Copyright Berlingske Media 2019  Cookie- and Privacy policy  |  Cookies  |   General terms of trade  |   Terms of use and IP rights
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
16 July 2019 01:57:30
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20190703.1 - EUROWEB4 - 2019-07-16 02:57:30 - 2019-07-16 01:57:30 - 1000 - Website: OKAY