NEW YORK, Oct. 27, 2015 /PRNewswire/ -- Bernstein Liebhard LLP is investigating whether Roadrunner Transportation Systems, Inc. ("Roadrunner" or the "Company") (NYSE: RRTS) violated the federal securities laws by making misstatements concerning the Company's third quarter 2015 financial guidance. The investigation concerns whether Roadrunner and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Roadrunner is a transportation and logistics service provider. On July 29, 2015, the Company stated as follows concerning third quarter 2015 guidance: "We expect diluted earnings per share available to common stockholders, excluding acquisition transaction expenses, to be between $0.43 and $0.47."
Nine days later, on August 7, 2015, Roadrunner Chairman of the Board Scott Rued sold 2,000,000 Roadrunner shares through various investment entities at $24.34 per share for proceeds of over $48,000,000.
On October 26, 2015, after market close, Roadrunner drastically reduced its third quarter guidance. On that date, Roadrunner announced that it expected diluted earnings per share, excluding transaction expenses, to be between $0.14 and $0.17 per share – approximately 66% below the guidance it provided just three months prior. When trading opened on October 27, 2015, Roadrunner stock went into free fall, plummeting over 40% to below $11 per share in intra-day trading.
If you have lost money in Roadrunner, are interested in discussing your rights as a Roadrunner shareholder, and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs' firms in the country.
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