The investigation stems from Roadrunner's announcement on January 30, 2017 that certain of its financial statements could no longer be relied upon. In a filing with the Securities Exchange Commission, Roadrunner announced in November 2016, it "was made aware of various potential accounting discrepancies at its Morgan Southern and Bruenger operating subsidiaries." As a result of an investigation, the Company "currently estimates it will require prior period adjustments to Roadrunner's results of operations of between $20 million and $25 million" in the Company's annual and quarterly financial reporting for the years 2014, 2015, and 2016. According to the Company, the errors "principally relate to unrecorded expenses from unreconciled balance sheet accounts including cash, driver and other receivables, and linehaul and other driver payables," and that the Company is reassessing its internal controls over financial reporting and its compliance programs.
On this news, shares of Roadrunner fell sharply during after-hours trading on January 30, 2017.
If you own shares of Roadrunner and would like to learn more about this class action or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, visit: www.maniskas.com. You may also email Mr. Maniskas at firstname.lastname@example.org.
RM LAW, P.C. is a national shareholder litigation firm. RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE RM LAW, P.C.