INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation on Behalf of XPO Logistics, Inc. Investors (XPO)
BENSALEM, Pa.--(BUSINESS WIRE)--Dec 17, 2018--Law Offices of Howard G. Smith announces an investigation on behalf of XPO Logistics, Inc. investors (“XPO” or the “Company”) (NYSE: XPO ) concerning the Company and its officers’ possible violations of federal securities laws.
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 26.1%, to close at $44.50 on December 13, 2018.
If you purchased XPO securities, 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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View source version on businesswire.com:https://www.businesswire.com/news/home/20181217005149/en/
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 2018.
PUB: 12/17/2018 11:00 AM/DISC: 12/17/2018 11:01 AM