NEW YORK, Jan. 31, 2017 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Roadrunner Transportation Systems, Inc. ("Roadrunner" or the "Company") (NYSE: RRTS) concerning whether the board has breached its fiduciary duties to shareholders.
On January 30, 2017, the Company announced that in November 2016, it "was made aware of various potential accounting discrepancies at its Morgan Southern and Bruenger operating subsidiaries." As a result of an investigation, the Company "currently estimates it will require prior period adjustments to Roadrunner's results of operations of between $20 million and $25 million" in the Company's annual and quarterly financial reporting for the years 2014, 2015, and 2016. According to the Company, the errors "principally relate to unrecorded expenses from unreconciled balance sheet accounts including cash, driver and other receivables, and linehaul and other driver payables," and that the Company is reassessing its internal controls over financial reporting and its compliance programs.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Roadrunner shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP