NEW ORLEANS, April 27, 2018 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Celadon Group Inc. (NYSE: CGI).
In April 2017, Prescience Point Research Group reported that Celadon had "used off-balance sheet entities…and manipulative accounting practices to hide its insolvent condition from investors and creditors," and that it had received notice from the SEC that Celadon was under investigation. On May 1, 2017, the Company disclosed that "the Company's financial statements for the fiscal year ended June 30, 2016 and quarters ended September 30 and December 31, 2016, and related reports of [Celadon's auditor], should not be relied upon." Then, on April 2, 2018, the Company disclosed that it had identified errors necessitating adjustments to its 2014, 2015, 2016 and 2017 financial statements, that aspects of its financial results would be restated, and that the trading of its common stock was being halted by the New York Stock Exchange and its stock delisted.
The Company and certain of its executives have been sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws, which is ongoing.
KSF's investigation is focusing on whether Celadon's officers and/or directors breached their fiduciary duties to Celadon's shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Celadon shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-cgi/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.