Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of YRC Worldwide Inc. Investors
BENSALEM, Pa.--(BUSINESS WIRE)--Jan 9, 2019--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that acquired YRC Worldwide Inc. (“YRC” or the “Company”) (NASDAQ: YRCW ) securities between March 10, 2014, and December 14, 2018, inclusive (the “Class Period”). YRC investors have until March 4, 2019 to file a lead plaintiff motion.
On December 14, 2018, The Wall Street Journal reported that the U.S. Department of Justice had filed a complaint alleging that YRC “made false statements to the government and defrauded the Department of Defense by inflating measurements on bills” from 2005 to 2013. On this news, shares of YRC fell $1.26 per share or more than 28% to close at $3.17 on December 14, 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) from 2005 to at least 2013, YRC’s units 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.
If you purchased shares of YRC, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2019.
PUB: 01/09/2019 08:10 PM/DISC: 01/09/2019 08:11 PM