An investigation for investors in Swift Transportation Co over potential securities laws violations by Swift Transportation and certain of its directors and officers was announced.
Investors who purchased shares of Swift Transportation Co (NYSE:SWFT), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on whether a series of statements by Swift Transportation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On January 28, 2016, it was reported that Jerry Moyes, CEO of Swift Transportation Co, has promised more than $600 million of his assets in Swift Transportation Co, which is a quarter of the company’s outstanding shares, as security for loans or loan-like contracts. Reportedly, Moyes’s commitment to use his shares as margin-loan collateral exceeded the limits set by Swift Transportation Co’s board and Swift Transportation Co’s directors have repeatedly granted Moyes time extensions to meet those limits.
It was also reported that after spending $100 million on share repurchases in November 2015 and January 2016, Moyes announced on January 26 that he wanted Swift to spend $200 million buying back more shares and that this buyback would retire roughly 9% of Swift’s stock, back its price and ease the pressure on Moyes’s margin loans.
Shares of Swift Transportation Co (NYSE:SWFT) declined on January 29, 2016 to as low as $15.45 per share.
February 8, 2016, NYSE:SWFT shares closed at $16.57 per share.
Those who purchased shares of Swift Transportation Co (NYSE:SWFT) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com