According to the Complaint, XPO provides transportation and logistics services in the United States, North America, France, the United Kingdom, Spain, Europe, Asia, and internationally, through its Transportation and Logistics segments. The company offers its services to customers in various industries, such as retail, e-commerce, food and beverage, manufacturing, technology and telecommunications, aerospace and defense, life sciences, healthcare, medical equipment, and agriculture. The Company was formerly known as Express-1 Expedited Solutions, Inc.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) XPO’s highly touted aggressive M&A strategy had yielded only minimal returns to the Company; (ii) XPO was utilizing improper accounting practices to mask its true financial condition, including, inter alia, under-reporting of bad debts and aggressive amortization assumptions; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On April 2, 2019, the Court issued an Order appointing Lead Plaintiff and Lead Counsel. Lead Plaintiff filed a consolidated Complaint on June 3. On January 3, 2020, Lead Plaintiff filed an amended consolidated Complaint.