SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Swift Transportation Company (SWFT)

Jan 29, 2016, 11:46 ET from Bronstein, Gewirtz & Grossman, LLC

NEW YORK, Jan. 29, 2016 /PRNewswire/ -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Swift Transportation Company ("Swift" or the "Company") (NYSE: SWFT).  Such investors are advised to contact Peretz Bronstein or his investor relations analyst Yael Hurwitz at info@bgandg.com or 212-697-6484.

The investigation concerns whether Swift Transportation Company and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

On January 28, 2016, post-market, The Wall Street Journal released that Jerry Moyes, CEO of Swift, has promised more than $600 million of his assets in Swift, which is a quarter of the company's outstanding shares, as security for loans or loan-like contracts.  Moyes's commitment to use his shares as margin-loan collateral exceeded the limits set by Swift's board and Swift's directors have repeatedly granted Moyes time extensions to meet those limits. 

After spending $100 million on share repurchases in November 2015 and January 2016, Moyes announced on January 26 that he wanted Swift to spend $200 million buying back more shares. This buyback would retire roughly 9% of Swift's stock, back its price and ease the pressure on Moyes's margin loans. 

Following this news, Swift stock has fallen as much as 2%, or $0.33, to just $15.70 per share on January 29, 2016. 

If you are aware of any facts relating to this investigation, or purchased shares of Swift, you can assist this investigation by visiting the firm's site: http://www.bgandg.com/#!swft/d87en. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484 or via email info@bgandg.com.  Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.   Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com

 

SOURCE Bronstein, Gewirtz & Grossman, LLC



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