Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In YRC Worldwide Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in YRC Worldwide Inc. ("YRC" or the "Company")(NASDAQ:YRCW) of the March 4, 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 YRC stock or options between March 10, 2014 and December 14, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/YRCW. 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 filing out the form below.
The lawsuit has been filed in the U.S. District Court for the Northern District of New York on behalf of all those who purchased YRC securities between March 10, 2014 and December 14, 2018 (the "Class Period"). The case, Lewis v. YRC Worldwide Inc. et al., No. 19-cv-00001 was filed on January 2, 2019, and has been assigned to Judge David N. Hurd.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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 Department of Justice issued a press release stating that it had filed a complaint against YRC Worldwide entities for "systematically overcharg[ing] the government for freight carrier services and ma[king] false statements to the government that hid their misconduct[.]"
On this news, YRC's share price fell from $4.43 per share on December 13, 2018 to a closing price of $3.17 on December 14, 2018: a $1.26 or a 28.44% drop.
YRC Worldwide, Inc. (YRCW)
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Filed on 01/07/2019
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