May 12, 2016 - The parties filed a stipulation of dismissal with prejudice.
November 18, 2013 - The court again overruled the approval of the settlement.
August 28, 2013 - Parties filed a corrected stipulation of settlement.
August 19, 2013 - The court overruled the approval of the settlement.
May 31, 2013 - Parties filed stipulation of settlement.
September 25, 2012 - The court denied the defendants' motion to dismiss
December 20, 2011 - Defendants filed a motion to dismiss.
October 21, 2011 - The lead plaintiffs filed an amended complaint.
August 22, 2011 - The lead plaintiffs and lead counsel were appointed.
April 8, 2011 - Lead plaintiff motions were filed.
February 7, 2011 - An investor in shares of YRC Worldwide Inc (NASDAQ: YRCW) filed a lawsuit in the U.S. District Court for the District of Kansas against YRC Worldwide Inc (NASDAQ: YRCW) over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 24, 2008 and November 2, 2009.
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 YRC Worldwide Inc (NASDAQ: 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 Inc’s various units, representing roughly 6% of YRC Worldwide Inc's total work force of 58,000. That same day, Reuters reported that the jobs elimination action was part of YRC Worldwide Inc’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 Inc (NASDAQ: YRCW) 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 Inc’s 12 months Total Revenue decreased from $9.621 billion in 2007 to $4.334 billion in 2010.
Shares of YRC Worldwide Inc (NASDAQ: YRCW) 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.
Since then, YRC Worldwide Inc (NASDAQ: YRCW) shares declined to as little as $2.79 per share in July 2009. Before YRC Worldwide Inc (NASDAQ: YRCW) shares split 1:25 on October 1, 2010 YRC Worldwide Inc (NASDAQ: YRCW) shares increased to $8.02 in September 2010. YRC Worldwide Inc (NASDAQ: YRCW) shares recently traded at $4.28 per share.