SAN DIEGO, Jan. 30, 2017 /PRNewswire/ -- Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether certain officers and directors of Roadrunner Transportation Systems, Inc. (NYSE: RRTS) breached their fiduciary duties to the Company and its shareholders in connection with issuing false and misleading statements to the investing public regarding significant accounting errors in Roadrunner 's public financial statements.
On January 30, 2017, Roadrunner announced the Company's financial statements had to be restated, an admission that the statements were materially false and misleading. Johnson & Weaver, LLP's investigation focuses on whether certain officers and directors knowingly issued false statements, failed to properly monitor the Company's financial reporting structure, or failed to maintain sufficient controls over the Roadrunner's accounting practices.
Roadrunner identified various accounting errors that it currently estimates will require prior period adjustments to Roadrunner's results of operations of between $20 million and $25 million. These errors primarily relate to unrecorded expenses from unreconciled balance sheet accounts including cash, driver and other receivables and linehaul and other driver payables. Roadrunner stated that the investigation is ongoing; the estimated amount is preliminary and could change materially. On the news, in after-hours trading, Roadrunner stock was down over 14%.
If you are a Roadrunner shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (email@example.com) at 619-814-4471. If you email, please include your phone number.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP