NEW YORK, May 2, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Celadon Group, Inc. ("Celadon" or the "Company") (NYSE: CGI). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Celadon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 5, 2017, the market research website Seeking Alpha published a detailed report authored by a prominent market research group, entitled "Celadon Group: A Story That Ends At Chapter 11," which, among other things, alleged that "CGI has used …. Manipulative accounting practices to hide its insolvent condition from investors and creditors."
On this news, Celadon's share price fell $0.85, or 13.6%, to close at $5.40 on April 5, 2017.
On April 19, 2017, the same prominent market research group published another report entitled "FOIA Requests Reveal CGI as the Subject of an Active SEC Investigation," which reported that the research group was denied information about Celadon sought under the Freedom of Information Act due to an ongoing U.S. Securities and Exchange Commission investigation.
On this news, Celadon's share price fell $0.20, or 4.55%, to close at $4.20 on April 19, 2017.
On May 1, 2017, post-market, Celadon 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."
On this news, Celadon's share price has fallen as much as $2.70, or 67.5%, during intraday trading on May 2, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-celadon-group-inc--cgi-300449931.html
SOURCE Pomerantz LLP