NEW YORK, Aug. 8, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential misconduct at Celadon Group, Inc. ("Celadon" or the "Company") (NYSE: CGI).
The investigation focuses on whether the Company's Board of Directors and/or its officers committed mismanagement and breached their fiduciary duties by making and/or causing the Company to make false and misleading statements and/or failing to timely disclose that: (i) Celadon did not appropriately recognize revenue equipment held for sale in its financial statements; (ii) Celadon's equity contribution to its joint venture with Element Financial Corp. was $68.2 million, as opposed to the $100 million contribution that the Company reported in its public filings; and (iii) Celadon failed to maintain an effective system of internal controls over financial reporting. Additionally, on May 1, 2017, the Company filed a Form 8-K with the SEC attaching a letter from BKD LLP ("BDK"), the Company's independent auditor, revealing that BDK was withdrawing its previously issued reports on the June 30, 2016, September 30, 2016 and December 31, 2016 financial statements of Celadon. As a result of the foregoing, Celadon is currently facing a securities class action lawsuit and an SEC investigation.
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If you currently own Celadon stock and have continuously owned Celadon stock since at least January 2016 and would like to discuss your legal rights, please visit www.faruqilaw.com/CGI. You can also contact us by calling Nina Varindani or Stuart Guber toll free at (212) 983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Celadon's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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