NEW YORK, Oct. 4, 2019 /PRNewswire/ -- WeissLaw LLP, a national class action and shareholders' rights law firm with offices in New York, Los Angeles and Atlanta, announces an investigation of XPO Logistics, Inc. (NYSE: XPO) ("XPO," or the "Company").
If you own XPO shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
http://www.weisslawllp.com/xpo-logistics-inc/
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
The investigation focuses on possible breaches of fiduciary duty and violations of federal securities laws by the XPO Board of Directors for the alleged dissemination of materially false and/or misleading information relating to the Company and its operations.
Notably, while touting a diversified customer-base and robust growth prospects, XPO failed to disclose to shareholders that its largest customer, Amazon, would be scaling-back its services. As a result, the Company's growth projections would no longer be sustainable.
Soon thereafter, in October 2018, XPO announced disappointing financial results for the third quarter of that year. It reported revenue of $4.34 billion, missing its targeted earnings by approximately $60 million. Following that announcement, the Company's share price nosedived from its October 31 trading price of $91.17 to trade for as low $79.82 on the next day.
WeissLaw is investigating whether XPO's Board breached its fiduciary duties to the Company and its shareholders by misrepresenting and/or failing to disclose to shareholders: (i) material information relating the Company's customer-base; (ii) the full impact of Amazon's business on the Company's operations; and (iii) that the Company's growth's prospects were unsustainable. If you wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact Joshua Rubin of WeissLaw LLP at (888)593-4771, or by e-mail at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients.
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SOURCE WeissLaw LLP