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IRVINE, Calif., March 31, 2017 -- Khang & Khang LLP (the “Firm”) announces a class action lawsuit against Roadrunner Transportation Systems, Inc. (“Roadrunner” or the “Company”) (NYSE:RRTS). Investors who purchased or otherwise acquired shares between May 8, 2014 and January 30, 2017, inclusive (the “Class Period”), are encouraged to contact the Firm before the April 3, 2017 lead plaintiff motion deadline.
If you purchased shares of Roadrunner during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by e-mail at [email protected].
There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the Complaint, Roadrunner made false and/or misleading statements and/or failed to disclose: that the Company’s Morgan Southern and Bruenger subsidiaries had engaged in improper accounting practices; that Roadrunner lacked effective internal controls; that Roadrunner overstated its earnings throughout the Class Period by tens of millions of dollars; and that as a result of the above, Roadrunner’s financial statements were materially false and misleading at all relevant times.
On January 30, 2017, post-market, Roadrunner announced that in November 2016, the Company “was made aware of various potential accounting discrepancies at its Morgan Southern and Bruenger operating subsidiaries” and commenced an investigation with the assistance of outside counsel.
While the investigation remains ongoing, Roadrunner advised investors that the Company “currently estimates it will require prior period adjustments to Roadrunner’s results of operations of between $20 million and $25 million” in the Company’s annual and quarterly financial reporting for the years 2014, 2015, and 2016. Roadrunner advised investors that the errors “principally relate to unrecorded expenses from unreconciled balance sheet accounts including cash, driver and other receivables, and linehaul and other driver payables,” and that the Company is reassessing its internal controls over financial reporting and its compliance programs.
If you wish to learn more about this lawsuit, or if you have questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by e-mail at [email protected].
This press release may constitute Attorney Advertising in some jurisdictions.
Contact Joon M. Khang, Esq. Telephone: 949-419-3834 Facsimile: 949-225-4474 [email protected]
