Securities fraud against Swift

Posted by David Taylor on

Swift Transportation – National Securities Law Firm Encourages Shareholders With Significant Losses To Contact Law Firm

July 28, 2014: 12:06 PM ET

NEW YORK, July 28, 2014/PRNewswire/ — Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating potential securities fraud claims against Swift Transportation Co. (NYSE: SWFT) (“Swift” or the “Company”) resulting from allegations that Swift may have made false and misleading disclosures concerning its business and financial condition.

On July 25, 2014, Swift tumbled the most since its 2010 initial public offering, after the Company forecast third-quarter financial results below that of analysts’ estimates due to a “shortage” of drivers.  Swift said that it was “constrained” by a challenging driver market in the second quarter and that turnover was higher than anticipated.

Following this announcement, the stock fell over $4.60 per share to $21.20 per share on July 25, 2014. 

Tripp Levy PLLC is looking at filing a potential action that seeks to recover damages on behalf of all purchasers of Swift publicly traded securities during the period January 27, 2014 through and including July 25, 2014 (the “Class Period”).  

If you purchased shares of Swift during the Class Period and suffered significant losses on your investment, and wish to discuss this matter at no cost or expense, please contact Tripp Levy PLLC via e-mail at contact@tripplevy.com or call us toll free at 1-800-511-7037 or visit our website at www.tripplevy.com.

Tripp Levy PLLC is a leading national securities and shareholder rights law firm with offices across the country representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders.  Tripp Levy PLLC is affiliated with Milberg LLP. Attorney advertising.  Prior results do not indicate a similar outcome

Email: contact@tripplevy.com 

Toll free: 1-800-511-7037

International:  602.241.2841

www.tripplevy.com

SOURCE Tripp Levy PLLC

Questions

Posted by David Taylor on

QUESTIONS ABOUT THE ELLIS V SWIFT SETTLEMENT RAISED – July 30, 2014

In Ellis v. Swift Transportation Co. of AZ , the plaintiffs claimed that Swift violated the federal Fair Credit Reporting Act by performing credit checks without advising applicants of certain things required by the law. A tentative settlement was reached between the parties which called for each owner operator to receive $50 in settlement of these claims. The settlement notice that was mailed did not advise owner operators of the full scope of claims that might be “released” by accepting the $50 or by failing to exclude themselves from the settlement. Because the release language in the settlement could be taken to mean that Owner Ops give up claims which are being raised in this case: such as whether Swift engaged in Forced Labor by using the DAC Report to force drivers to continue to work for Swift, Getman Sweeney is extremely concerned that settlement is not in any Owner-Operator’s interest. Plaintiffs’ lawyers in this case are reaching out to the Plaintiffs’ attorneys in Ellis v. Swift , to see if our concerns can be addressed in such a way that the drivers can participate in that settlement and avoid giving up claims that are asserted in this case. Until further notice, however, Getman Sweeney advises its clients to DO NOTHING with respect to making a claim in the Ellis case. We will be in touch with clients individually following our discussion with the lawyers for the drivers in the Ellis case. If you have not heard from us individually by mid-September, please contact the office for further advice concerning how to handle claims in the Ellis case.