A lawsuit was filed on behalf of investors in YRC Worldwide Inc. (NASDAQ: YRCW) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/30/2019 -- An investor, who purchased shares of YRC Worldwide Inc. (NASDAQ: YRCW), filed a lawsuit in the over alleged violations of Federal Securities Laws by YRC Worldwide Inc..
Investors who purchased shares of YRC Worldwide Inc. (NASDAQ: YRCW) have certain options and for certain investors are short and strict deadlines running. Deadline: March 4, 2019. NASDAQ: YRCW investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Overland Park, KS based YRC Worldwide Inc., through its subsidiaries, provides various transportation services primarily in North America. On December 14, 2018, the U.S. Department of Justice ("DOJ") announced that it had filed a complaint against YRC Worldwide Inc. entities for "systematically overcharg[ing] the government for freight carrier services and ma[king] false statements to the government that hid their misconduct." That same day, The Wall Street Journal reported on the DOJ's lawsuit against YRC Worldwide Inc's units over military shipments from 2005 to at least 2013. Shares of YRC Worldwide Inc. (NASDAQ: YRCW) declined to as low as $2.41 per share on December 26, 2018.
The plaintiff claims that between March 10, 2014 and December 14, 2018, the Defendants made false and/or misleading statements and/or failed to disclose that from 2005 to at least 2013, YRC's units systematically overcharged the federal government for freight carrier services, that 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, that consequently, this alleged misconduct would subject YRC to enhanced government scrutiny and liabilities, including potentially owing treble damages under the False Claims Act, and that as a result, YRC's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Those who purchased shares of YRC Worldwide Inc. (NASDAQ: YRCW) have certain options and should contact the Shareholders Foundation.
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