YRC Worldwide Inc. hit by investor lawsuit over alleged securities laws violations
Lawsuit for investors in YRC Worldwide Inc. (NASDAQ:YRCW) over alleged violations of securities laws - Deadline: April 5, 2011 - YRCW stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
An investor in shares of YRC Worldwide Inc. (NASDAQ:YRCW) filed a lawsuit in the United States District Court for the District of Kansas alleging YRC Worldwide Inc violated Federal Securities Laws.
If you purchased purchasers of YRC Worldwide Inc. (NASDAQ:YRCW) securities between April 24, 2008 and November 2, 2009, you have certain options and there are strict and short deadlines running. Deadline: April 5, 2011. Those YRCW stockholders and current long term YRCW investors, including those who purchased (also) prior to April 08 and presently hold those shares, should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the securities class action complaint the plaintiff alleges on behalf of purchasers of YRC Worldwide Inc. (NASDAQ:YRCW) securities between April 24, 2008 and November 2, 2009 that YRC Worldwide Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by failing to disclose between April 24, 2008 and November 2, 2009 material adverse facts about YRC Worldwide’s true financial condition, business and prospects.
Specifically, the plaintiff claims that defendants’ statements were materially false and misleading because they misrepresented and overstated the financial condition of YRC Worldwide Inc and had the intended effect of causing YRCW shares to trade at artificially inflated levels between April 24, 2008 and November 2, 2009 reaching a high of over $20 per share during August 2008.
On October 29, 2008, YRC Worldwide Inc. issued a press release announcing that it will eliminate up to 3,750 hourly jobs at YRC Worldwide’s various units, representing roughly 6% of YRC’s total work force of 58,000. That same day, Reuters reported that the jobs elimination action was part of YRC Worldwide’s “ongoing efforts to revamp operations.” Thereafter the plaintiff alleges YRC Worldwide Inc continued to deceive the investing public by making positive financial announcements about YRC Worldwide Inc until November 2, 2009, when YRC Worldwide Inc shocked investors when it revealed, for the first time, that YRC Worldwide Inc was performing well below expectations and that it now expected to convert over half a billion dollars of debt into shares of YRC Worldwide stock, thereby effectively giving bondholders as much as 95% of the equity of YRC Worldwide Inc and resulting in the resignation of seven of its nine directors. YRC Worldwide’s 12months Total Revenue decreased from $9.621billion in 2007 to $4.334billion in 2010.
Shares of YRC stock declined after November 2009 falling 64% on a single trading day, or over $2.30 per share on huge volume of 54.8 million shares traded, over five times the stock’s average daily volume over the past three months, to close at only $1.32 per share on November 2, 2009.
Overall shares of YRC Worldwide Inc. (Public, NASDAQ:YRCW) declined almost 98% from as high as $1246 per share in 2006 to $28.50 per YRCW share in November 09.
Since then YRCW shares declined to as little as $2.79 per share in July 09. Before YRCW shares split 1:25 on October 1, 2010 YRCW shares increased to $8.02 in September 2010. YRCW shares recently traded at $4.28 per share.
Those who purchased purchasers of YRC Worldwide Inc. (Public, NASDAQ:YRCW) securities between April 24, 2008 and November 2, 2009, you have certain options and there are strict and short deadlines running. Deadline: April 5, 2011. Those YRCW stockholders and current long term YRCW investors, including those who purchased (also) prior to April 08 and presently hold those shares, should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
An investor in shares of YRC Worldwide Inc. (NASDAQ:YRCW) filed a lawsuit in the United States District Court for the District of Kansas alleging YRC Worldwide Inc violated Federal Securities Laws.
If you purchased purchasers of YRC Worldwide Inc. (NASDAQ:YRCW) securities between April 24, 2008 and November 2, 2009, you have certain options and there are strict and short deadlines running. Deadline: April 5, 2011. Those YRCW stockholders and current long term YRCW investors, including those who purchased (also) prior to April 08 and presently hold those shares, should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the securities class action complaint the plaintiff alleges on behalf of purchasers of YRC Worldwide Inc. (NASDAQ:YRCW) securities between April 24, 2008 and November 2, 2009 that YRC Worldwide Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by failing to disclose between April 24, 2008 and November 2, 2009 material adverse facts about YRC Worldwide’s true financial condition, business and prospects.
Specifically, the plaintiff claims that defendants’ statements were materially false and misleading because they misrepresented and overstated the financial condition of YRC Worldwide Inc and had the intended effect of causing YRCW shares to trade at artificially inflated levels between April 24, 2008 and November 2, 2009 reaching a high of over $20 per share during August 2008.
On October 29, 2008, YRC Worldwide Inc. issued a press release announcing that it will eliminate up to 3,750 hourly jobs at YRC Worldwide’s various units, representing roughly 6% of YRC’s total work force of 58,000. That same day, Reuters reported that the jobs elimination action was part of YRC Worldwide’s “ongoing efforts to revamp operations.” Thereafter the plaintiff alleges YRC Worldwide Inc continued to deceive the investing public by making positive financial announcements about YRC Worldwide Inc until November 2, 2009, when YRC Worldwide Inc shocked investors when it revealed, for the first time, that YRC Worldwide Inc was performing well below expectations and that it now expected to convert over half a billion dollars of debt into shares of YRC Worldwide stock, thereby effectively giving bondholders as much as 95% of the equity of YRC Worldwide Inc and resulting in the resignation of seven of its nine directors. YRC Worldwide’s 12months Total Revenue decreased from $9.621billion in 2007 to $4.334billion in 2010.
Shares of YRC stock declined after November 2009 falling 64% on a single trading day, or over $2.30 per share on huge volume of 54.8 million shares traded, over five times the stock’s average daily volume over the past three months, to close at only $1.32 per share on November 2, 2009.
Overall shares of YRC Worldwide Inc. (Public, NASDAQ:YRCW) declined almost 98% from as high as $1246 per share in 2006 to $28.50 per YRCW share in November 09.
Since then YRCW shares declined to as little as $2.79 per share in July 09. Before YRCW shares split 1:25 on October 1, 2010 YRCW shares increased to $8.02 in September 2010. YRCW shares recently traded at $4.28 per share.
Those who purchased purchasers of YRC Worldwide Inc. (Public, NASDAQ:YRCW) securities between April 24, 2008 and November 2, 2009, you have certain options and there are strict and short deadlines running. Deadline: April 5, 2011. Those YRCW stockholders and current long term YRCW investors, including those who purchased (also) prior to April 08 and presently hold those shares, should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
posted by Chuck Demastus at
12:56 PM
