Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of Swift Transportation Company (NYSE: SWFT) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of Swift Transportation Company (NYSE: SWFT) concerning whether a series of statements by Swift Transportation Company regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On January 26, 2016, after spending $100 million on share repurchases in November 2015 and January 2016, Swift Transportation Company's CEO, Jerry Moyes, revealed that he wanted Swift Transportation Company to spend $200 million buying back shares. This buyback would retire approximately 9% of Swift's stock, supporting its price and easing pressure on Jerry Moyes’s margin loans.
On January 28, 2016, The Wall Street Journal reported that Swift's CEO, Jerry Moyes, pledged more than $600 million of his holdings in Swift, which is a quarter of Swift's outstanding shares, as collateral for loans or loan-like contracts. Jerry Moyes’s use of his shares as margin-loan collateral exceeded limits placed by the company's board, and the Board of Directors has repeatedly granted Jerry Moyes extensions of time to meet this limit.
Following this news, NYSE: SWFT shares dropped as much as 2% on January 29, 2016.
Based in Phoenix, Arizona, and founded in 1966 Swift Transportation Company operates as a multi-faceted transportation services company in North America.
If you purchased shares of Swift Transportation Company (NYSE: SWFT) on or before January 28, 2016, you should contact Thieler Law Corp at mail@thielerlaw.com or call +1 (619) 377 - 4324.
Thieler Law Corp
2534 State Street - Suite 406,
San Diego, CA 92101
by
email: mail@thielerlaw.com
or
telephone at +1 (619) 377 - 4324
or
visit our website http://www.thielerlaw.com/
or
Facsimile: +1 (619) 785 – 3185
