NEW YORK, NY / ACCESSWIRE / January 31, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Covenant Logistics Group, Inc. ("Covenant" or the "Company") (NASDAQ:CVLG). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Covenant and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 25, 2023, Covenant issued a press release announcing fourth-quarter financial and operating results. Among other items, Covenant reported non-GAAP earnings per share of $1.37, missing consensus estimates by $0.05. Covenant advised investors that the Company had "incurred unusual expense from two items: (i) an early lease abandonment and disposal charge and (ii) excess equipment due to delivery of a large number of new tractors combined with delays in removing existing leased tractors from operations."
On this news, Covenant's stock price fell $8.42 per share, or 21.91%, to close at $30.01 per share on January 25, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529, ext. 7980
SOURCE: Pomerantz LLC