SAN DIEGO & OVERLAND PARK, Kan.--(BUSINESS WIRE)--
Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of YRC Worldwide Inc. (YRCW) filed a derivative complaint against the company's officers and directors for breaches of fiduciary duties, unjust enrichment, and waste of corporate assets from March 10, 2014 through December 14, 2018. YRC Worldwide Inc. is a holding company that, through its operating subsidiaries, offers its customers a wide range of transportation services.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/yrc-worldwide-may-19/
YRC Worldwide Accused of Defrauding Government
According to the complaint, YRC has violated the False Claims Act since at least 2005 by defrauding the United States Department of Defense for freight carrier services. On December 14, 2018, the Justice Department revealed that it had filed a complaint against YRC for systematically overcharging the government. On this news, YRC stock declined drastically and still trades significantly below its class period high of $28.11. Before the fraud was exposed, however, company insiders not only failed to maintain an adequate system of oversight, disclosure controls and procedures, and internal controls, but also sold almost $9 million of stock at artificially inflated prices.
YRC Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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