Hagens Berman Notifies XPO Logistics (NYSE: XPO) Investors of February 12, 2019 Securities Class Action Lead Plaintiff Deadline and Possible Accounting Irregularities
SAN FRANCISCO, Jan. 18, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP notifies investors in XPO Logistics, Inc. (NYSE:XPO) of the securities class action pending in the United States District Court for the District of Connecticut and the February 12, 2019 Lead Plaintiff deadline. If you purchased or otherwise acquired XPO securities between February 26, 2014 and December 13, 2018 (the “class period”) and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
The complaint alleges that, throughout the class period, Defendants made false and misleading statements and/or did not disclose adverse information about XPO’s mergers and acquisitions strategy and engaged in improper accounting.
On December 12, 2018, an analyst reported its forensic investigation results and accused XPO of financial irregularities “that conveniently cover its growing financial strain and inability to complete additional acquisitions despite repeated promises.” The analyst concluded, “[g]iven its unreliable and dubious financials, $4.7 bn debt burden, inability to generate sustaining free cash flow, and dependency on external capital and asset sales, we have a worst-case terminal price target of zero.”
This news drove the price of XPO shares down $15.77, or about 26%, to close at $44.50 on December 13, 2018.
“We’re focused on investors’ losses, the extent to which management’s statements about XPO’s M&A strategy and financial reporting may have been misleading,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding XPO should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email XPO@hbsslaw.com.
About Hagens Berman Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 80+ attorneys in 10 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:Reed Kathrein, 510-725-3000