Case Page

 

Case Status:    DISMISSED    
On or around 05/12/2016 (Stipulation and order of dismissal (voluntary dismissal))

Filing Date: February 07, 2011

According to the complaint filed February 07, 2011, YRC issued a press release announcing its financial results for the first quarter of 2008, the period ended March 31, 2008. For the quarter, the Company reported a loss of ($0.81) per share.

On July 25, 2008, YRC held a conference call with analysts and investors to discuss the Company's earnings and operations. During the conference call, defendants made numerous positive statements about the Company, its business and operations.

December 24, 2008, YRC issued a press release announcing that the Company was pursuing a "long-term solution" to improve the Company's financial position.

On November 2, 2009, YRC shocked investors when it revealed, for the first time, that the Company was performing well below expectations and that it now expected to convert over half a billion dollars of debt into shares of Company stock, thereby effectively giving bondholders as much as 95% of the equity of the Company and resulting in the resignation of seven of its nine directors.

Shares of YRC stock plummeted on this news falling 64% on a single trading day, over $2.30 per share on huge volume of 54.8 million shares traded, over five times the stock's average daily volume over the past three months, to close trading that day at only $1.32 per share.

According to the Order signed by Chief Judge Kathryn H. Vratil on August 22, 2011, certain individuals were appointed lead plaintiffs and Kahn Swick & Foti, LLC and Johnson & Weaver, LLP were appointed as co-lead counsel. The plaintiffs filed an
Amended Class Action Complaint on October 21, 2011. The defendants responded by filing a motion to dismiss on December 20, 2011.

On September 25, 2012, the Court issued an Order overruling the defendants' motion to dismiss.

On May 31, 2013, the Parties entered into a Stipulation of Settlement. However, on August 19, the Court denied the plaintiffs' request for preliminary class certification and settlement approval. As a result, the parties filed a Corrected Stipulation of Settlement on August 27. The Court again denied plaintiffs' request for settlement approval on November 18th.

This case was voluntarily dismissed on May 12, 2016.

COMPANY INFORMATION:

Sector: Transportation
Industry: Trucking
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: YRCW
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Kansas
DOCKET #: 11-CV-02072
JUDGE: Hon. Kathryn H. Vratil
DATE FILED: 02/07/2011
CLASS PERIOD START: 04/24/2008
CLASS PERIOD END: 11/02/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kahn Swick & Foti, LLC (Madisonville)
    206 Covington Street, Kahn Swick & Foti, LLC (Madisonville), LA 70447
    (504) 455-1400 (504) 455-1498 ·
  2. Kahn Swick & Foti, LLC Former New York)
    500 Fifth Avenue, Ste. 1810, Kahn Swick & Foti, LLC Former New York), NY 10110
    212.696.3730 504.455-1498 ·
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  4. Shamberg Johnson & Bergman
    2600 Grand Boulevard, Shamberg Johnson & Bergman, MO 64108-4627
    816.474.0004 816.474.0004 ·
No Document Title Filing Date
COURT: D. Kansas
DOCKET #: 11-CV-02072
JUDGE: Hon. Kathryn H. Vratil
DATE FILED: 10/21/2011
CLASS PERIOD START: 04/24/2008
CLASS PERIOD END: 11/02/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
  2. Kahn Swick & Foti, LLC (Madisonville)
    206 Covington Street, Kahn Swick & Foti, LLC (Madisonville), LA 70447
    (504) 455-1400 (504) 455-1498 ·
  3. Kahn Swick & Foti, LLC Former New York)
    500 Fifth Avenue, Ste. 1810, Kahn Swick & Foti, LLC Former New York), NY 10110
    212.696.3730 504.455-1498 ·
No Document Title Filing Date