SOURCE: Brower Piven, A Professional Corporation

February 23, 2011 16:46 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $150,000 From Investment in YRC Worldwide Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 8, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - February 23, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Kansas on behalf of purchasers of the securities of YRC Worldwide Inc. ("YRC" or the "Company") (NASDAQ: YRCW) during the period between April 24, 2008 and November 2, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 8, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint charges YRC and certain of its officers and directors with violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that defendants knowingly or recklessly misrepresented and overstated the financial condition and future of the Company. According to the complaint, in reaction to the true state of affairs revealed by a press release issued by the Company on October 29, 2008 announcing that the Company had eliminated 3,750 jobs at its various units, representing roughly 6% of YRC's total work force and through YRC's revelation on November 2, 2009 that the Company was performing well below expectations and expected to have to convert over half a billion dollars of debt into shares of Company stock -- thereby effectively giving bondholders as much as 95% of the equity of the Company -- and that seven of its nine directors had resigned, the value of YRC stock declined significantly.

If you have suffered a net loss for all transactions in YRC Worldwide Inc. securities during the Class Period, including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact