NEW YORK – Pomerantz LLP is investigating claims on behalf of investors of YRC Worldwide Inc.
YRC Worldwide Inc. is the holding company for YRC Freight, YRC Reimer, New Penn, Holland and Reddaway.
The investigation concerns whether YRC and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On December 14, 2018, The Wall Street Journal reported that the United States Department of Justice had filed a complaint alleging that YRC Worldwide “made false statements to the government and defrauded the Department of Defense by inflating weight measurements on bills” from 2005 to at least 2013.
Specifically, it is alleged that workers for the Company reweighed thousands of shipments and didn’t disclose the results when those weights came in under the original estimate.
On this news, shares of YRC Worldwide stock fell US$1.26 per share or over 28 per cent to close at $3.17 per share on December 14, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, practices in corporate, securities, and antitrust class litigation.