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Celadon Group, Inc. (NYSE:CGI) Investor Securities Class Action Lawsuit 04/19/2017

  • You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of February 5, 2019 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Celadon Group, Inc.
Security
NYSE: CGI

Case Name
Celadon Group Shareholder Class Action Lawsuit 04/19/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
Celadon_Settlement_10_04_2018.pdf
Settlement Proof
Celadon_Proof_10_04_2018.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$5,500,000.00
Deadline to Participate in Settlement

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Summary

October 11, 2018 - The court preliminarily approved the settlement.

October 4, 2018 - A stipulation of settlement was filed by the parties.

September 28, 2018 - A consolidated complaint was filed.

April 19, 2017 (Shareholders Foundation) - An investor in shares of Celadon Group, Inc. (NYSE:CGI) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Celadon Group, Inc. in connection with certain allegedly false and misleading statements made between December 30, 2016 and April 18, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Celadon Group, Inc. (NYSE:CGI) common shares between December 30, 2016 and April 18, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 30, 2016 and April 18, 2017, the Defendants made false and/or misleading statements and/or failed to disclose that Celadon Group, Inc's equity contribution to its joint venture with Element Financial Corp. was $68.2 million, rather than the $100 million contribution the Company reported in its public filings; , that Celadon Group, Inc. is being actively investigated by the Unites States Securities and Exchange Commission (“SEC”), and that as a result of the foregoing, CGI's publicly disseminated financial statements were materially false and misleading. Celadon Group, Inc. reported that its Total Revenue rose from $900.76 million for the 12 months period that ended on June 30, 2015 to over $1.06 billion for the 12 months period that ended on June 30, 2016 and that its Net Income for those time periods declined from $37.22 million to $24.84 million.

On April 5, 2017 a report was published alleging that Celadon Group, Inc allegedly has used off-balance sheet entities…and manipulative accounting practices to hide its insolvent condition from investors and creditors.

On April 19, 2017, another report was published in which they provided correspondence from the SEC indicating that Celadon Group, Inc was allegedly under investigation by the SEC.

Shares of Celadon Group, Inc. (NYSE:CGI) declined from as high as $27.24 per share in March 2015 to as low as $3.85 per share on April 19, 2017.

Date Settled