Southern Man
TB Lurker
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Stop blaming ABF for YRC woes.
uuuuuuuuuuuuuugh.........NO!
Stop blaming ABF for YRC woes.
Well these "BOOKS" as you say where also opened to the Union to go over to see if they where in true financial troubles. When did that first vote go out December 08? So the union must have reviewed them before YRCW asked them for a vote? We then took our first concession In January 09? We then Voted again on a second concession in what June of 09? So in order for the Union to see that they where in financial trouble they had to look at the books yet again. Did the company lay these books out to the union, but not to these investment firms that purchase shares of YRCW? One of two things happened, the union lied to us by saying they looked at the books, or YRCW lied to investors?
While I do agree with you on the first part.....that second part is bullshit....as the votes were not rigged.....KK
The previous were just questions and in no way meant as an accusation. They should be answered by someone if for no other reason than so many teamsters families lives are now on hold while this plays out.
Throughout the balance of the Class Period, the complaint alleges that YRC continued to deceive the investing public by making positive financial announcements about the Company until November 2, 2009, when YRC shocked investors when it revealed, for the first time, that the Company was performing well below expectations and that it now expected to convert over half a billion dollars of debt into shares of Company stock, thereby effectively giving bondholders as much as 95% of the equity of the Company and resulting in the resignation of seven of its nine directors. Shares of YRC stock plummeted on this news--falling 64% on a single trading day, or over $2.30 per share on huge volume of 54.8 million shares traded, over five times the stock's average daily volume over the past three months, to close at only $1.32 per share on November 2, 2009.
This could be legit..I remember thinking..
when the stock came tumbling down. I took a hit on that one
They then in November started the Debt for Equity. A little over a year later pow, reverse stock split with a ratio of 1:25..What it boils down to is they cooked the books and decieved the investing Public to show the Company was more profitable than it actually was to get investors to come on board then in Nov. of 2009 they then informed investors that they were performing (WELL Below) expectations.
Yeah, according to the Class Action Lawsuit..Words like false, misleading, misrepresented, overstated and artifically inflated just to name a few.What it boils down to is they cooked the books and decieved the investing Public to show the Company was more profitable than it actually was to get investors to come on board then in Nov. of 2009 they then informed investors that they were performing (WELL Below) expectations. HMMM~ looks like someone is going to call them out on it...wonder what books they will show them this time if they haven't already (Burned) them.
With the PDF down I can't prove it but Wicks was named in the lawsuit...along with Smid, Zollars, Taylor and some other CFO that left in 2008Wonder if Mr. Wicks will be called as a witness..............?
Wicks Resigns at YRC Worldwide | Journal of Commerce