An investigation for investors in Swift Transportation Co (NYSE:SWFT) shares over potential securities laws violations by Swift Transportation Co was announced and NYSE:SWFT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/22/2017 -- Certain directors of Swift Transportation Co are under investigation over potential wrongdoing. The investigation was announced on behalf of investors in NYSE:SWFT shares over potential securities laws violations by Swift Transportation and certain of its directors and officers.
Investors who purchased shares of Swift Transportation Co (NYSE:SWFT), have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Swift Transportation Co (NYSE:SWFT) concerning whether a series of statements regarding Swift Transportation' s business, its prospects and its operations were materially false and misleading at the time they were made.
On January 26, 2016, after spending $100 million on share repurchases in November 2015 and January 2016, Swift Transportation's CEO, Jerry Moyes, announced that he wanted Swift Transportation to spend $200 million buying back shares.
Then on January 28, 2016, it was reported that Moyes pledged more than $600 million of his holdings in Swift Transportation as collateral for loans or loan-like contracts. According to the investigation this amount is more than the 10% limit on the amount of personal Swift Transportation holdings a director or senior officer may pledge, and the Board has repeatedly granted extensions for Moyes to meet this limit.
On February 21, 2016, NYSE:SWFT shares closed at $22.14 per share.
Those who purchased shares of Swift Transportation Co have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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