Three class-action lawsuits were filed in less than a month against Phoenix-based trucking giant Swift Transportation Co.
All three of the suits allege that between Oct. 16, 2003, and Oct. 1, 2004, former Swift President and CEO Jerry Moyes, along with a handful of other executives, propped up the price of Swift stock that Moyes had used as collateral for loans.
The suits also claim that Moyes and other defendants made false and misleading statements about a variety of pending changes in the company’s operations because of issues such as the new hours of service.
Two of the three suits have been assigned case numbers, with the attorneys for the third suit – filed in mid-December – waiting for a case number to be assigned.
Other attorneys are seeking plaintiffs by commencing securities class actions against Swift.