1. Pomerantz LLP investigates Proficient Auto Logistics for potential securities fraud. 2. PAL's revenue estimate for Q3 2024 shows a 14-16% decrease from last year. 3. PAL's stock price fell 28.77% after the revenue announcement in October 2024. 4. Class action could escalate investor scrutiny and further impact stock performance.
Ongoing investigation into securities fraud poses severe risks to PAL's credibility and stock value.
The ongoing investigation and historical stock performance slump indicate significant implications for PAL.
The potential for class action lawsuits can have lasting effects on investor confidence.
Pomerantz LLP is investigating claims on behalf of investors of Proficient Auto Logistics, Inc. ("Proficient Auto Logistics" or the "Company") (NASDAQ: PAL). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Proficient Auto Logistics and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 16, 2024, Proficient Auto Logistics issued a press release "provid[ing] an update on certain expected operating and financial metrics for the third quarter of fiscal 2024." Among other items, Proficient Auto Logistics estimated revenue for the third quarter to be in the range of $90 to $92 million, reflecting a decrease of 14% to 16% relative to the combined revenue of the third quarter of 2023.
On this news, Proficient Auto Logistics' stock price fell $4.01 per share, or 28.77%, to close at $9.93 per share on October 17, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.
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CONTACT: Danielle Peyton, Pomerantz LLP, [email protected], 646-581-9980 ext. 7980
SOURCE Pomerantz LLP