Roadrunner Transportation Systems (Nasdaq RRTS) Plunges After Accounting Error Admission

Roadrunner Transportation Systems, Inc. – Nasdaq: RRTS

Roadrunner Transportation Systems shares are down over 30% on news that the company has discovered accounting errors that could total between $20 – $25 million. RRTS is traded on the Nasdaq and volumes are extremely heavy.

From the press release: “Roadrunner Transportation Systems, Inc., a leading asset-light transportation and logistics service provider, announced today that on January 27, 2017 its Audit Committee, after considering the recommendation of management, concluded that, as a result of the information obtained to date in connection with an ongoing investigation, the following financial statements and associated reports of Roadrunner’s independent registered public accounting firm, Deloitte & Touche LLP, previously filed with the Securities and Exchange Commission (“SEC”) should no longer be relied upon.” The press release continues to identify financial statements and dates. You can read the release here.

Roadrunner Transportation Systems, Inc. is a leading asset-light transportation and logistics services provider offering a full suite of solutions, including customized and expedited less-than-truckload, truckload and logistics, global solutions, intermodal, brokerage, freight consolidation, inventory management, and domestic and international air.

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