An investigation on behalf of investors in NYSE:SWFT shares over potential wrongdoing at Swift Transportation Co was announced and NYSE:SWFT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/05/2016 -- An investigation for shareholders in Swift Transportation Co (NYSE:SWFT) was announced over potential breaches of fiduciary duties by certain directors.
Investors who purchased shares of Swift Transportation Co (NYSE:SWFT) and currently hold any of those NYSE:SWFT shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain Swift Transportation directors breached their fiduciary duties and caused damage to the company and its shareholders.
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.
Shares of Swift Transportation Co (NYSE:SWFT) declined on January 29, 2016 to as low as $15.45 per share.
On April 1, 2016, NYSE:SWFT shares closed at $18.37 per share.
Those who purchased shares of Swift Transportation Co (NYSE:SWFT) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego