BENSALEM, Pa., Jan. 09, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the February 12, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased XPO Logistics, Inc. (“XPO” or the “Company”) (NYSE: XPO) securities between February 26, 2014 and December 12, 2018, inclusive (the “Class Period”). XPO investors have until February 12, 2019 to file a lead plaintiff motion.
Investors suffering losses on their XPO investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com .
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%, to close at $44.50 on December 13, 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) XPO’s highly touted aggressive M&A strategy had yielded only minimal returns to the Company; (2) XPO was utilizing improper accounting practices to mask its true financial condition, including, inter alia , under-reporting of bad debts and aggressive amortization assumptions; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased shares of XPO during the Class Period you may move the Court no later than February 12, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you 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 howardsmith@howardsmithlaw.com , or visit our website at http://www.howardsmithlaw.com .
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts Law Offices of Howard G. Smith Howard G. Smith, Esquire 215-638-4847 888-638-4847 howardsmith@howardsmithlaw.com www.howardsmithlaw.com
