WAYNE, Pa., Jan. 29, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of Swift Transportation Company ("Swift" or the "Company") (NYSE: SWFT).
Swift shareholders who purchased shares should contact Richard A. Maniskas, Esquire at 877-316-3218 or at firstname.lastname@example.org to learn more about this investigation or visit: www.rmclasslaw.com/cases/swft.
The investigation concerns whether Swift and certain of its officers have breached their fiduciary duties to the Company.
On January 28, 2016, post-market, The Wall Street Journal reported that Swift's CEO, Jerry Moyes, has pledged more than $600 million of his holdings in Swift--a quarter of the company's outstanding shares--as collateral for loans or loan-like contracts. As Moyes' use of his stock as margin-loan collateral exceeded limits set by Swift's board, the company's directors repeatedly granted Moyes extensions of time to meet those limits. On January 26, after spending $100 million on share repurchases in November 2015 and January 2016, Moyes announced that he wanted Swift to spend $200 million buying back more shares--a buyback that would retire approximately 9% of Swift's stock, supporting its price and easing pressure on Moyes's margin loans.
If you own Swift shares and would like to learn more about these claims 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: (877) 316-3218 or visit: www.rmclasslaw.com/cases/swft. You may also email Mr. Maniskas at email@example.com. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP