Class Action Suit Targets Swift
A New York law firm Friday filed a class-action suit against Swift Transportation and some of its executives
A New York law firm Friday filed a class-action suit against Swift Transportation and some of its executives.
In a press release, the firm said the suit was on behalf of those who may have purchased Swift Transportation stock between October 16, 2003 and October 1, 2004, inclusive.
The press release from Milberg Weiss Bershad & Schulman LLP said, “The action is pending in the United States District Court for the District of Arizona against defendants Swift, Gary R. Enzor (CFO), Patrick J. Farley (Exec. VP), Jerry C. Moyes (CEO and Chair) and William F. Riley (Sr. VP).
Last week Swift founder Moyes announced he is stepping down as president and CEO to be replaced by Robert W. Cunningham, a former Swift executive. Enzor announced his departure to join Quality Distribution as executive VP and COO (See today’s story “Quality Distribution Appoints New Financial Leadership”).
The suit alleges the defendants propped up the price of Swift stock to protect Moyes from "a margin call that could have a devastating impact on his personal fortunes." According to the suit, some of Moyes' stock in Swift is pledged as collateral on loans used in part to pay for losses incurred by the Phoenix Coyotes hockey team and for cost overruns on a new arena. Moyes is a majority owner of the Coyotes as well as the Arizona Diamondbacks baseball and the Phoenix Suns basketball franchises.
Swift spokesman David Berry did not return calls for comment.
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