Swift Transportation Co., Inc. - Securities Class Action

Company and Case Information

IMPORTANT INFORMATION | INDEX OF FILINGS | SEARCH

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright (c) 2001
Stanford Law School

Swift Transportation Co., Inc. Conclusion: On March 26, 2006, the Court issued an Order dismissing the consolidated amended complaint with leave to amend, except as to certain of plaintiffs’ allegations which were dismissed with prejudice. On April 28, 2006, the plaintiffs filed a Stipulation of Voluntary Dismissal, with Prejudice. The plaintiffs voluntarily dismiss all remaining claims in the action. On May 1, 2006, the Court entered the Order signed by U.S. District Judge Neil V. Wake dismissing the action with prejudice.

As disclosed by the Company’s Form 10-Q for the quarterly period ended June 30, 2006, three putative shareholder class action lawsuits (Davidco Investors LLC v. Swift Transportation Co., Inc., et al., Case No. 2:04cv02435; Greene v. Swift Transportation Co., Inc., et al., Case No. 2:04cv02492; and Tuttle v. Swift Transportation Co., Inc., et al., Case No. 2:04cv02874) were filed in the United States District Court for the District of Arizona against the Company and certain of its directors and officers, alleging violations of federal securities. On April 29, 2005, the Court issued an order consolidating the cases as In re Swift Transportation Co., Inc. Securities Litigation, Master File No., CV-04-2435-PHX-NVW. On June 8, 2005, the Court appointed United Food and Commercial Workers Local 1262 and Employers Pension Plan as the lead plaintiff. Thereafter, lead plaintiff filed a consolidated amended complaint on August 19, 2005. The consolidated amended complaint sought unquantified damages on behalf of a putative class of persons who purchased Swift’s common stock between October 16, 2003 and September 15, 2004. The allegations in the consolidated amended complaint are substantially similar to those in the previously filed complaints. Defendants filed a motion to dismiss the consolidated amended complaint on October 21, 2005. Both lead plaintiffs’ opposition to that motion and defendants’ reply brief have been filed. Oral arguments were heard on February 17, 2006 on defendants’ motion to dismiss the complaint.

The original complaint alleges that at all relevant times, Swift Transportation Co., Inc.'s CEO and Chair and entities controlled by him owned approximately 34% of the Company's outstanding shares and those shares were at all relevant times, pledged to an undisclosed lending institution as collateral for margin loans. The complaint alleges that defendants issued materially false and misleading statements to prop up and otherwise manipulate the price of Swift securities so as to prevent a margin call on Moyes's shares and to engage in improper inside trading on the basis of material nonpublic information. Specifically, the Company made materially false and misleading statements with respect to its U.S. Department of Transportation safety rating, the impact of recently enacted DOT regulations on the Company's operations, the extent to which the Company was offsetting rising costs with customer rate increases, the depreciation of its fleet, and the integrity of the Company's internal controls and reported financial statements. On September 15, 2004, the Company announced that third-quarter profit would lag analyst estimates because the Company was unable to raise rates as fuel costs increased. On news of the earnings shortfall, the Company's share price dropped from a closing price of $18.27 on September 15, 2004 to as low as $16.09 on September 16, 2004. The Class Period ends on October 1, 2004. On that date, the Company disclosed that an informal inquiry into certain stock trades by the Company and Moyes had been elevated to a formal investigation. On this news, the company's shares, which closed at $17.49 on October 1, 2004, fell to a low of $16.54 on October 4, 2004, the next trading day.

INDUSTRY CLASSIFICATION:
SIC Code: 4213
Sector: Transportation
Industry: Trucking

COMPANY/ISSUER NAME:	Swift Transportation Co., Inc.
COMPANY/ISSUER TICKER:	SWFT
COMPANY WEBSITE:	http://www.swifttrans.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Davidco Investors, LLC, et al. v. Swift Transportation Co., Inc., et al.

COURT: D. Arizona	DOCKET NUMBER: 04-CV-02435
JUDGE NAME: Hon. Neil V. Wake
DATE FILED: 11/05/2004	SOURCE: Notice of Filing
CLASS PERIOD START: 10/16/2003	CLASS PERIOD END: 10/01/2004
TYPE OF COMPLAINT: Unamended/Unconsolidated
PLAINTIFF FIRMS IN THIS OR SIMILAR CASE:
Bonnett, Fairbourn, Friedman & Balint, PC 4041 N. Cental Avenue, Suite 1100, Phoenix, AZ, 85012-3311nta (voice) 602.274.1100, (fax) , Law Offices of Charles J. Piven, P.A. World Trade Center-Baltimore,401 East Pratt Suite 2525, Baltimore, MD, 21202 (voice) 410.332.0030, (fax) , pivenlaw@erols.com Milberg Weiss Bershad & Schulman LLP (New York) One Pennsylvania Plaza, 49th Floor, New York, NY, 10119 (voice) 212.594.5300, (fax) 212.868.1229, info@milbergweiss.com Schatz & Nobel, P.C. 330 Main Street, Hartford, CT, 06106 (voice) 800.797.5499, (fax) 860.493.6290, sn06106@AOL.com Schiffrin & Barroway LLP 3 Bala Plaza E, Bala Cynwyd, PA, 19004 (voice) 610.667.7706, (fax) 610.667.7056, info@sbclasslaw.com The Brualdi Law Firm 29 Broadway - Suite 1515, New York, NY, 10006 (voice) 877.495.1187, (fax) 212.952.0608, Wechsler Harwood LLP 488 Madison Avenue 8th Floor, New York, NY, 10022 (voice) 212.935.7400, (fax) , info@whhf.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 7

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint for Violation of Federal Securities Laws
Type: Complaint		Date on the document: 11/5/2004

REFERENCE COMPLAINT

In Re: Swift Transportation Co., Inc. Securities Litigation

COURT: D. Arizona	DOCKET NUMBER: 04-CV-02435
JUDGE NAME: Hon. Neil V. Wake
DATE FILED: 08/19/2005	SOURCE: Docket
CLASS PERIOD START: 10/16/2003	CLASS PERIOD END: 09/15/2004
TYPE OF COMPLAINT: Consolidated and/or Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Bonnett, Fairbourn, Friedman & Balint, PC 4041 N. Cental Avenue, Suite 1100, Phoenix, AZ, 85012-3311nta (voice) 602.274.1100, (fax) , Milberg Weiss Bershad & Schulman LLP (New York) One Pennsylvania Plaza, 49th Floor, New York, NY, 10119 (voice) 212.594.5300, (fax) 212.868.1229, info@milbergweiss.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE REFERENCE COMPLAINT
Consolidated Amended Complaint For Violations Of The Federal Securities Laws Jury Trial Demanded
Type: Complaint		Date on the document: 08/19/2005
Order
Type: Order		Date on the document: 3/29/2006
Stipulation Of Voluntary Dismissal, With Prejudice, Pursuant To Rule 41(A)
Type: Other		Date on the document: 04/28/2006
Order
Type: Order		Date on the document: 5/1/2006
U.S. District Court Civil Docket
Type: Docket		Date on the document: 05/01/2006

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.

Go to Search page | Go to Case Index page | Back to Top

�