Robbins Arroyo LLP: YRC Worldwide Inc. (YRCW) Sued for Misleading Investors
SAN DIEGO & OVERLAND PARK, Kan.--(BUSINESS WIRE)--Jan 24, 2019--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of YRC Worldwide Inc. (NASDAQ: YRCW) filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between March 10, 2014 and December 14, 2018. YRC Worldwide Inc. is a holding company that, through its operating subsidiaries, offers its customers a wide range of transportation services.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/yrc-worldwide-inc/
YRC Worldwide Accused of Defrauding Government
According to the complaint, from 2014 to 2018, YRC filed Forms 10-Ks and 10-Qs stating that the company had an extensive system to effectively manage revenue reserves, including reserves for assigning incorrect ratings based on weight verifications. On December 14, 2018, the Justice Department issued a press release revealing that it had filed a complaint against YRC for systematically overcharging the government. That same day, the Wall Street Journal reported on the lawsuit against YRC’s units over military shipments from 2005 to at least 2013, stating that YRC had overcharged the Pentagon millions of dollars for shipping over several years and defrauded the Department of Defense by inflating weight measurements on bills. On this news, YRC stock fell $1.26 per share, or over 28%, to close at $3.17 per share on December 14, 2018.
YRC Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190124005736/en/
CONTACT: Leonid Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA KANSAS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
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PUB: 01/24/2019 03:00 PM/DISC: 01/24/2019 03:01 PM