SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of XPO Logistics, Inc. (XPO)
NEW YORK, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of XPO Logistics, Inc. ("XPO" or the “Company") (NYSE: XPO). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: bgandg.com/xpo.
The investigation concerns whether XPO and certain of its officers and/or directors have violated federal securities laws.
On December 12, 2018, Spruce Point Management (“Spruce Point”) published a report regarding XPO, entitled “Trucking Ridiculous; End of the Road”. The Spruce Point report asserted that a “forensic investigation” into XPO had revealed “financial irregularities that conveniently cover [the Company’s] growing financial strain and inability to complete additional acquisitions despite repeated promises.” Spruce Point reported that it had uncovered, among other issues, “concrete evidence to suggest dubious tax accounting, under-reporting of bad debts, phantom income through unaccountable M&A earn-out labilities, and aggressive amortization assumptions: all designed to portray glowing ‘Non-GAAP” results.” The Spruce Point report further stated that “XPO insiders have aggressively reduced their ownership interest in the Company since coming public, and recently enacted a new compensation structure tied to ‘Adjusted Cash Flow Per Share’–defined in such a non-standard way that it is practically meaningless.” Following publication of the Spruce Point report, XPO’s stock price fell sharply during intraday trading on December 13, 2018.
If you are aware of any facts relating to this investigation, or purchased XPO shares, you can assist this investigation by visiting the firm’s site: bgandg.com/xpo. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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