XPO Logistics, Inc. (NYSE: XPO)
Hagens Berman Sobol Shapiro LLP alerts investors in XPO Logistics, Inc. (NYSE: XPO) to the February 12, 2019 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the District of Connecticut.
If you purchased or otherwise acquired shares of XPO between February 26, 2014 and December 13, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing XPO@hbsslaw.com.
The complaint alleges that, throughout the class period, Defendants made false and misleading statements and/or did not disclose adverse information about XPO’s mergers and acquisitions strategy and engaged in improper accounting.
On December 12, 2018, an analyst reported its forensic investigation results and accused XPO of financial irregularities “that conveniently cover its growing financial strain and inability to complete additional acquisitions despite repeated promises.” The analyst concluded, “[g]iven its unreliable and dubious financials, $4.7 bn debt burden, inability to generate sustaining free cash flow, and dependency on external capital and asset sales, we have a worst-case terminal price target of zero.”
This news drove the price of XPO shares down $15.77, or about 26%, to close at $44.50 on December 13, 2018.
“We’re focused on investors’ losses, the extent to which management’s statements about XPO’s M&A strategy and financial reporting may have been misleading,” said Hagens Berman partner Reed Kathrein.
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