MOYES is digging a deep hole according to this
HARTFORD, Conn., Nov. 8 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Arizona on behalf of all persons who purchased the securities of Swift Transportation Company, Inc. (Nasdaq: SWFT - News; "Swift Transportation") between October 16, 2003 and October 1, 2004 (the "Class Period"). The Complaint alleges that during the Class Period, Swift Transportation, Jerry C. Moyes ("Moyes"), and certain other company executives violated federal securities laws. Defendant Moyes and entities controlled by him owned approximately 34% of Swift Transportation's outstanding shares and those shares were pledged to an undisclosed lending institution as collateral for margin loans. The Complaint alleges that defendants issued materially false and misleading statements to prop up and otherwise manipulate the price of Swift Transportation securities so as to prevent a margin call on Moyes' shares. On September 15, 2004, Swift Transportation announced that its third- quarter profit would lag analyst estimates because it was unable to raise rates as fuel costs increased. In response, Swift Transportation's share price dropped from a closing price of $18.27 per share on September 15, 2004 to close at $16.28 per share on September 16, 2004. Then, on October 1, 2004, Swift Transportation disclosed that an informal inquiry into certain stock trades by the company and Moyes had been elevated to a formal investigation. On this news, the company's shares, which closed at $17.49 per share on October 1, 2004, fell to close at $16.61 per share on October 4, 2004.
HARTFORD, Conn., Nov. 8 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Arizona on behalf of all persons who purchased the securities of Swift Transportation Company, Inc. (Nasdaq: SWFT - News; "Swift Transportation") between October 16, 2003 and October 1, 2004 (the "Class Period"). The Complaint alleges that during the Class Period, Swift Transportation, Jerry C. Moyes ("Moyes"), and certain other company executives violated federal securities laws. Defendant Moyes and entities controlled by him owned approximately 34% of Swift Transportation's outstanding shares and those shares were pledged to an undisclosed lending institution as collateral for margin loans. The Complaint alleges that defendants issued materially false and misleading statements to prop up and otherwise manipulate the price of Swift Transportation securities so as to prevent a margin call on Moyes' shares. On September 15, 2004, Swift Transportation announced that its third- quarter profit would lag analyst estimates because it was unable to raise rates as fuel costs increased. In response, Swift Transportation's share price dropped from a closing price of $18.27 per share on September 15, 2004 to close at $16.28 per share on September 16, 2004. Then, on October 1, 2004, Swift Transportation disclosed that an informal inquiry into certain stock trades by the company and Moyes had been elevated to a formal investigation. On this news, the company's shares, which closed at $17.49 per share on October 1, 2004, fell to close at $16.61 per share on October 4, 2004.
