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Trucking company target of several lawsuits

May 2, 2017

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.
 

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