At least 16 law firms, most of them based in New York City, have issued press releases in recent days saying they have filed lawsuits against an Indianapolis-based trucking company or are investigating doing so.
Most of the firms accuse Celadon Inc. of filing “false or misleading” financial statements and are seeking investors interested in participating in a class-action lawsuit.
A lawsuit filed April 19 accused Celadon of misleading shareholders about its financial status and covering up a U.S. Securities and Exchange Commission investigation into the company. Celadon has denied knowledge of an investigation.
Celadon has overhauled its leadership team as it works through a raft of financial challenges that include a projected $10 million quarterly loss, increased lender scrutiny over its operations and a loss of confidence by its auditor in the company’s recent financial reports.