Shareholders Foundation, Inc.

NYSE:RRTS Investor Notice: Lawsuit Alleges Misleading Statements by Roadrunner Transportation Systems Inc

A lawsuit was filed on behalf of investors in Roadrunner Transportation Systems Inc (NYSE:RRTS) shares over alleged securities laws violations and NYSE:RRTS investors should contact the Shareholders Foundation.

 

San Diego, CA -- (SBWIRE) -- 02/21/2017 -- An investor, who purchased shares of Roadrunner Transportation Systems Inc (NYSE:RRTS), filed a lawsuit in Wisconsin over alleged violations of Federal Securities Laws by Roadrunner Transportation Systems Inc in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Roadrunner Transportation Systems Inc (NYSE:RRTS) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The plaintiff claims that between May 8, 2014 and January 30, 2017 the defendants made materially false and/or misleading statements and/or failed to disclose that Roadrunner Transportation Systems lacked effective internal controls over financial reporting, that Roadrunner Transportation Systems' financial statements dating back to the beginning of 2014 overstated the estimated results of operations, that Roadrunner Transportation Systems' financial statements contained errors relating to unrecorded expenses from unreconciled balance sheet accounts including cash, driver and other receivables, and linehaul and other driver payables, and that Roadrunner Transportation Systems' financial statements dating back to the beginning of 2014 were not reliable.

Roadrunner Transportation Systems Inc reported that its annual Total Revenue rose from over $1.87 billion in 2014 to over $1.99 billion in 2015 and that its Net income declined from $51.97 million in 2014 to $48.00 million in 2015.

Shares of Roadrunner Transportation Systems Inc (NYSE:RRTS) grew from $7.53 per share in November 2016 to as high as $11.8 per share on January 30, 2017.

On January 30, 2017, Roadrunner Transportation Systems Inc announced during after-hours trading that the following financial statements Roadrunner previously filed with the Securities and Exchange Commission should no longer be relied upon: (i) audited consolidated financial statements and unaudited quarterly information included in Roadrunner's Annual Report on Form 10-K for the year ended December 31, 2014; (ii) unaudited condensed consolidated financial statements included in Roadrunner's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014, June 30, 2014, and September 30, 2014; (iii) audited consolidated financial statements and unaudited quarterly information included in Roadrunner's Annual Report on Form 10-K for the year ended December 31, 2015; (iv) unaudited condensed consolidated financial statements included in Roadrunner's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015; and (v) unaudited condensed consolidated financial statements included in Roadrunner's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016, June 30, 2016 and September 30, 2016. Additionally, Roadrunner Transportation Systems Inc identified multiple accounting errors that it estimates will require prior period adjustments to its results of operations of between $20 million and $25 million. Shares of Roadrunner Transportation Systems Inc (NYSE:RRTS) dropped to as low as $6.49 per share on February 8, 2017.

Those who purchased shares of Roadrunner Transportation Systems Inc have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com