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April 12, 2021 - A stipulation of settlement was filed by the parties.
April 27, 2020 - A notice appealing the court's dismissal order was filed.
March 27, 2020 - The court granted the defendants' motion to dismiss.
July 15, 2019 - A motion to dismiss the amended complaint was filed.
June 19, 2019 - An corrected the amended complaint was filed.
June 14, 2019 - An amended complaint was filed.
January 2, 2019 - An investor in shares of YRC Worldwide Inc. (NASDAQ: YRCW) filed a lawsuit in the U.S. District Court for the Northern District of New York over alleged violations of Federal Securities Laws by YRC Worldwide Inc. in connection with certain allegedly false and misleading statements made between March 10, 2014 and December 14, 2018.
Overland Park, KS based YRC Worldwide Inc., through its subsidiaries, provides various transportation services primarily in North America. YRC Worldwide Inc. reported that its annual Total Revenue rose from over $4.69 billion in 2016 to over $4.89 billion in 2017 and that its Net Income of $21.50 million in 2016 turned into a Net Loss of $10.80 million in 2017. Shares of YRC Worldwide Inc. (NASDAQ: YRCW) rose to as high as $17.56 per share in late January 2018.
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.
According to the complaint the plaintiff alleges on behalf of purchasers of YRC Worldwide Inc. (NASDAQ: YRCW) common shares between March 10, 2014 and December 14, 2018, that the defendants violated Federal Securities Laws.
More specifically, 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.