This lawsuit is for anyone who acquired securities in Celadon Group, Inc. (NYSE: CGI) from January 27, 2016 through May 1, 2017.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, during the above mentioned time period, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company overstated its revenue by approximately $219 million over the past year and hid the overstatement though faulty accounting.
On April 5, 2017, Prescience Point Research Group published a report on SeekingAlpha.com claiming that the Company overstated its second quarter 2017 tangible book value and last twelve month profits by an estimated $219 million through a series of off-balance sheet transactions and other improper accounting. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on April 19, 2017, Prescience Point Research published another report in which they provided correspondence from the SEC indicating that CGI was under SEC investigation. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume. Finally, on May 1, 2017, the Company announced that investors should no longer rely on the Company’s financial statements for the fiscal year ended June 30, 2016 and the quarters ended September 30, 2016 and December 31, 2016 because of accounting errors relating to transactions involving revenue equipment held for sale. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Celadon Group, Inc. (NYSE: CGI) from January 27, 2016 through May 1, 2017 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.