NEW YORK, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against YRC Worldwide Inc. ("YRC" or the "Company") (NASDAQ: YRCW) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired YRC between March 10, 2014, and December 14, 2018, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/yrcw .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint 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.
On December 14, 2018, The Wall Street Journal reported that the United States Department of Justice had filed a complaint alleging that YRC Worldwide "made false statements to the government and defrauded the Department of Defense by inflating weight measurements on bills" from 2005 to at least 2013. Specifically, it is alleged that workers for the Company reweighed thousands of shipments and didn't disclose the results when those weights came in under the original estimate. On this news, shares of YRC Worldwide stock fell $1.26 per share or over 28% to close at $3.17 per share on December 14, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/yrcw or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in YRC you have until March 4, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
