Securities Class Action Lawsuit Against XPO Logistics, Inc. ("XPO") Filed by Block & Leviton; Investors Are Encouraged to Contact the Firm

BOSTON, Dec. 14, 2018 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that it has filed a securities fraud class action against XPO Logistics, Inc. ("XPO" or the "Company") (NYSE: XPO) and certain of its officers and directors. The firm encourages shareholders to contact Block & Leviton LLP ahead of the February 12, 2019 lead plaintiff deadline.

The complaint, filed in the United States District Court Southern District of New York, captioned Leeman v. XPO Logistics, Inc. et al., Case No. 1:18-cv-11741, alleges that between August 10, 2015, and December 13, 2018, inclusive (the "Class Period"), Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts. Specifically, the Complaint alleges the Defendants engaged in improper accounting practices. At the core of Defendants' scheme was the method by which the Company accounted for its numerous acquisitions, dubious tax accounting, under-reporting of bad debts, phantom income through unaccountable acquisition earn-out liabilities, and aggressive amortization assumptions: all designed to portray glowing "Non-GAAP" results. As a result, XPO repeatedly materially misstated its financial condition and operating results and materially misled Class Members.

On December 13, 2018, Spruce Point Capital Management released a report titled "Trucking Ridiculous; End Of The Road." This report alleges that XPO is plagued by "financial irregularities that conveniently cover its growing financial strain and inability to complete additional acquisitions despite repeated promises." The report also characterizes XPO's financials as "unreliable and dubious."

Following the release of this report, the Company's stock fell more than 26 percent.

If you have purchased or otherwise acquired XPO securities and have questions about your legal rights, or possess information relevant to this investigation, you are encouraged to contact Block & Leviton LLP at (617) 398-5660, (888) 868-2385, by email at [email protected], or by visiting http://shareholder.law/xpo.

Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.

This notice may constitute attorney advertising.

CONTACT:

BLOCK & LEVITON LLP
(617) 398-5660 phone
155 Federal Street, Suite 400
Boston, MA 02110
[email protected]

SOURCE Block & Leviton LLP

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