| COMPANY |
XPO Logistics, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
18-cv-11741 |
| JUDGE |
The Hon. Paul G. Gardephe |
| CLASS PERIOD |
August 10, 2015 - December 13, 2018 |
| SECURITY TYPE |
Common stock |
Case Background:
On December 14, 2018, the initial complaint in this securities class action was filed against XPO Logistics, Inc. (“XPO” or the “Company”), and certain of XPO’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of a class of all persons and entities who purchased or acquired XPO common stock between August 10, 2015 and December 13, 2018, both dates inclusive (the “Class Period”).
The complaint alleges during the Class Period, XPO was "cooking its books" to make it appear that it was performing better than it was. The Defendants engaged in fraudulent accounting schemes and other improper accounting practices. At the core of the Defendants' fraudulent scheme was the method by which the Company accounted for its numerous acquisitions, dubious tax accounting, under-reporting of bad debts, phantom income through unaccountable acquisition earn-out liabilities, and aggressive amortization assumptions: all designed to portray glowing "Non-GAAP" results. Meanwhile, throughout the Class Period, the Defendants represented that XPO's financial statements complied with GAAP.
Current Status of Case:
This action was voluntarily dismissed by the Lead Plaintiff on January 9, 2019. This action has concluded.
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: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.