LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In XPO Logistics, Inc. To Contact The Firm
NEW YORK, Dec. 18, 2018 (GLOBE NEWSWIRE) -- 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, click here: www.faruqilaw.com/XPO. 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 rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding XPO’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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