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NEW YORK, April 14, 2017 -- Safirstein Metcalf LLP announces that a class action lawsuit has been filed against Roadrunner Transportation Systems Inc. (“Roadrunner” or the “Company”) (NYSE:RRTS) and certain of its officers, on behalf of purchasers of Roadrunner securities from between May 2, 2013 and January 30, 2017, inclusive (the “Class Period”). Safirstein Metcalf is investigating potential breaches of fiduciary duty by management of Roadrunner resulting from allegations that management may have issued materially misleading business information to the investing public.
If would like more information about this matter, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email [email protected]
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s Morgan Southern and Bruenger subsidiaries had engaged in improper accounting practices; (ii) Roadrunner lacked effective internal controls; (iii) as a result, Roadrunner overstated its earnings throughout the Class Period by tens of millions of dollars; and (iv) as a result of the foregoing, 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.
Following this news, Roadrunner’s share price fell $3.62, or 31.37%, to close at $7.92 on January 31, 2017.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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Safirstein Metcalf LLP Peter Safirstein, Esq. 1250 Broadway 27th Floor New York, NY 10001 1-800-221-0015
