BOSTON, April 8, 2017 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, is investigating whether Celadon Group Inc. ("CGI" or the "Company") (NYSE: CGI) and certain of its officers and directors violated federal securities laws following claims that the Company is engaged in improper accounting practices.
On April 5, 2017, Prescience Point Research Group issued a report alleging that "CGI has used off-balance sheet entities…and manipulative accounting practices to hide its insolvent condition from investors and creditors," and that CGI overstated its Q2 2017 profits by an estimated $219 million. The report further alleged that CGI management "used a related party entity … to undeservedly enrich itself, in our view, bilking CGI shareholders in the process."
On this news, the Company's stock has plunged nearly 20%, causing tens of millions in losses to investors.
If you purchased or otherwise acquired CGI securities and have questions about your legal rights or possess information relevant to this investigation, you are encouraged to contact attorney Bradley Vettraino at (617) 398-5600, by email at email@example.com, or by visiting www.blockesq.com/cgi.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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Block & Leviton LLP
Bradley J. Vettraino
155 Federal Street, Suite 400
Boston, MA 02110
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