BALA CYNWYD, PA / ACCESSWIRE / February 24, 2017 / Law office of Brodsky & Smith, LLC announces class action lawsuits have been filed in the U.S. District Court for the Eastern District of Wisconsin against Roadrunner Transportation Systems, Inc. (RRTS) ("Roadrunner" or the "Company") on behalf of purchasers of the Company's securities between May 8, 2014 and January 30, 2017, inclusive (the "Class Period").
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The class action cases allege that the Company and its executives violated federal securities laws by failing to maintain proper accounting procedures, which came to light on January 30, 2017. The errors include unrecorded expenses from unreconciled balance sheet accounts, including cash, driver and other receivables, and linehaul and other driver payables. The Company anticipates prior period adjustments to results of operations of between $20 million and $25 million. On this news, shares of the Company's stock fell $3.62 per share, or over 31%, to close on January 31, 2017 at $7.92.
If you own shares of Roadrunner Transportation Systems stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/roadrunner-transportation-systems-inc-nyse-rrts/, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC