WILMINGTON, Del., July 24, 2017 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announces that a securities fraud class action lawsuit has been filed by another law firm on behalf of shareholders of Celadon Group, Inc. (NYSE:CGI) (“Celadon Group” or the “Company”) for possible corporate misconduct and violations of securities laws.
A copy of the complaint is available from Andrews & Springer LLC. If you currently own shares of Celadon Group and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/celadon-group-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
A Celadon Group shareholder represented by another law firm has filed a class action complaint against Celadon Group for federal securities fraud. The complaint was filed in the United States District Court, Southern District of New York, Case No. 1:17-cv-02828.
According to the lawsuit, from December 30, 2016 through April 18, 2017, Celadon Group and its senior executives made fraudulent and misleading statements violating federal securities laws.
On April 5, 2017, Seeking Alpha published a detailed report from Prescience Point Research Group ("Prescience Point") entitled, "Celadon Group: A Story That Ends At Chapter 11." That report alleged, among other things, that Celadon "has used...manipulative accounting practices to hide its insolvent condition from investors and creditors." Following this news, shares of the Company's stock declined 13.6%, to close on April 5, 2017 at $5.40 per share.
On April 19, 2017, Prescience Point 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 due to an apparent ongoing SEC investigation. Following this news, shares of the Company's stock declined an additional 4.5%, to close on April 19, 2017 at $4.20 per share.
Finally, on May 1, 2017, Celadon disclosed that its auditor had notified the Company that it was "withdrawing its reports on the...financial statements of the Company, and that those reports should no longer be relied upon" due to issues relating to transactions involving "revenue equipment held for sale."
Following this news, shares of the Company's stock declined an additional $2.20 per share, or 55%, to close on May 2, 2017 at $1.80 per share.
If you currently own shares of Celadon Group and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/celadon-group-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.