Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In XPO Logistics, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in XPO Logistics, Inc. (“XPO” or the “Company”) (NYSE:XPO) of the February 12, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in XPO stock or options between February 26, 2014 and December 12, 2018 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the District of Connecticut on behalf of all those who purchased XPO securities between February 26, 2014 and December 12, 2018 (the “Class Period”). The case, Labul v. XPO Logistics, Inc. et al, No. 3:18-cv-02062 was filed on December 14, 2018, and has been assigned to Judge Vanessa L. Bryant.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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.
Specifically, on December 12, 2018, Spruce Point Capital Management, a New York based investment manager, published a report regarding XPO, entitled “Trucking Ridiculous; End of the Road.” The report presented a detailed breakdown of the various financial and accounting issues its investigation of XPO had uncovered.
On this news, the Company’s stock price fell from $60.27 per share on December 12, 2018 to $44.50 per share on December 13, 2018—a $15.77 or 24.17% loss.
XPO Logistics, Inc. (XPO)
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Filed on 12/18/2018
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