Celadon investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Celadon, through its subsidiaries, provides long-haul, full-truckload freight service across the United States, Canada, and Mexico. The company also provides supply chain management solutions such as warehousing and dedicated fleet services, as well as freight brokerage services.
The Class Period commences on January 27, 2016, when, Celadon issued a press release and filed a Form 8-K with the SEC, entitled “Celadon Group Reports December Quarter Results and Declares Dividend,” summarizing the company’s financial and operating results for the period ended December 31, 2015.
On April 5, 2017, Prescience Point Research Group published a report on the investor website Seeking Alpha alleging that “CGI has used . . . manipulative accounting practices to hide its insolvent condition from investors and creditors.” Following this news, CGI shares fell nearly 14%, to close at $4.20 on April 19, 2017.
On April 19, the same research group published a follow-up report claiming that the research group was denied information about CGI from the government due to an apparent ongoing SEC investigation. Following this news, CGI shares fell another 5% to close at $4.20 on April 19, 2017.
Then, on May 1, 2015, CGI disclosed that “the Company's financial statements for the fiscal year ended June 30, 2016 and quarters ended September 30 and December 31, 2016, and related reports of [CGI’s auditor], should not be relied upon.”
Following this news, shares dropped 55% to close at $1.80 on May 2, 2017.
If you are a member of the class described above, you may no later than June 19, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
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