BOSTON, April 19, 2017 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that it has filed a lawsuit against Celadon Group Inc. ("CGI" or the "Company") (NYSE: CGI) and certain of its officers and directors for violations of the federal securities laws.
If you are an investor who purchased or otherwise acquired Celadon securities between December 30, 2016 and April 18, 2017 (the "Class Period"), and wish to serve as a lead plaintiff, you must move the Court no later than June 19, 2017 to become the lead plaintiff.
If you wish to become involved in the litigation or have questions about your legal rights, please contact attorney Bradley Vettraino at (617) 398-5600, by email at Bradley@blockesq.com or by visiting www.blockesq.com/cgi.
On April 5, 2017 a report issued by Prescience Point Research Group charged that "CGI has used off-balance sheet entities…and manipulative accounting practices to hide its insolvent condition from investors and creditors." CGI's stock price declined 14% after the publication of this report on the website Seeking Alpha. On April 19, 2017, Prescience Point Research published another report in which they provided correspondence from the Unites States Securities and Exchange Commission indicating that CGI was under investigation by the SEC. CGI's stock price has declined by 37% since the publication of the Prescience Point Research Group report on April 5, 2017.
The lawsuit, pending in the Southern District of New York and captioned Chavez v. Celadon Group, Inc. et. al. No. 1:17-cv-02828, alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that (i) CGI's equity contribution to its joint venture with Element Financial Corp. was $68.2 million, rather than the $100 million contribution the Company reported in its public filings; (ii) the Company is being actively investigated by the SEC; and (iii) that as a result of the foregoing, CGI's publicly disseminated financial statements were materially false and misleading.
As a member of the class, you may seek to file a motion to serve as a lead plaintiff by June 19, 2017, or take no action and remain an absent class member. Confidentiality assured 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
SOURCE Block & Leviton LLP