Roadrunner Transportation Systems Inc (NYSE:RRTS) Investor Securities Class Action Lawsuit 01/31/2017

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of November 07, 2019 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

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Company Name(s): 
Roadrunner Transportation Systems
Case Name: 
Roadrunner Transportation Systems Shareholder Class Action Lawsuit 01/31/2017
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: RRTS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/31/2017
Class Period Begin: 
05/08/2014
Class Period End: 
01/30/2017
Court of Filing: 
U.S. District Court for the Eastern District of Wisconsin
Deadline To File for Lead: 
04/03/2017
Date Settled: 
06/19/2019
Settlement Amount: 
$20,000,000
Deadline to Participate in Settlement: 
11/07/2019
Settlement Notice: 
Settlement Proof: 
Summary: 

June 19, 2019 - The court preliminarily approved the settlement.

April 1, 2019 - Parties filed a stipulation of settlement.

January 31, 2017 (Shareholders Foundation) - An investor in shares of Roadrunner Transportation Systems Inc (NYSE:RRTS) filed a lawsuit in the U.S. District Court for the Eastern District of Wisconsin over alleged violations of Federal Securities Laws by Roadrunner Transportation Systems Inc in connection with certain allegedly false and misleading statements made between May 8, 2014 and January 30, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Roadrunner Transportation Systems Inc (NYSE:RRTS) common shares between May 8, 2014 and January 30, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 8, 2014 and January 30, 2017 the defendants made materially false and/or misleading statements and/or failed to disclose that Roadrunner Transportation Systems lacked effective internal controls over financial reporting, that Roadrunner Transportation Systems’ financial statements dating back to the beginning of 2014 overstated the estimated results of operations, that Roadrunner Transportation Systems’ financial statements contained errors relating to unrecorded expenses from unreconciled balance sheet accounts including cash, driver and other receivables, and linehaul and other driver payables, and that Roadrunner Transportation Systems’ financial statements dating back to the beginning of 2014 were not reliable.

Roadrunner Transportation Systems Inc reported that its annual Total Revenue rose from over $1.87 billion in 2014 to over $1.99 billion in 2015 and that its Net income declined from $51.97 million in 2014 to $48.00 million in 2015.
Shares of Roadrunner Transportation Systems Inc (NYSE:RRTS) grew from $7.53 per share in November 2016 to as high as $11.8 per share on January 30, 2017.

On January 30, 2017, Roadrunner Transportation Systems Inc announced during after-hours trading that the following financial statements Roadrunner previously filed with the Securities and Exchange Commission should no longer be relied upon: (i) audited consolidated financial statements and unaudited quarterly information included in Roadrunner’s Annual Report on Form 10-K for the year ended December 31, 2014; (ii) unaudited condensed consolidated financial statements included in Roadrunner’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014, June 30, 2014, and September 30, 2014; (iii) audited consolidated financial statements and unaudited quarterly information included in Roadrunner’s Annual Report on Form 10-K for the year ended December 31, 2015; (iv) unaudited condensed consolidated financial statements included in Roadrunner’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015; and (v) unaudited condensed consolidated financial statements included in Roadrunner’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016, June 30, 2016 and September 30, 2016. Additionally, Roadrunner Transportation Systems Inc identified multiple accounting errors that it estimates will require prior period adjustments to its results of operations of between $20 million and $25 million.

Shares of Roadrunner Transportation Systems Inc (NYSE:RRTS) dropped to as low as $7.65 per share on January 31, 2017.