Wolf Haldenstein Adler Freeman & Herz LLP is investigating potential securities fraud claims against The Shyft Group, Inc. (NASDAQ: SHYF)
All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
Wolf Haldenstein is investigating whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors.
Shyft is a niche market leader in specialty vehicle manufacturing and assembly for the commercial vehicle (including last-mile delivery, specialty service and vocation-specific upfit segments) and recreational vehicle industries. The Company’s products include walk-in vans, truck bodies and cargo van and pick-up truck upfits used in e-commerce/parcel delivery, upfit equipment used in the mobile retail and utility trades, as well as luxury Class A diesel motorhome customer chassis and contract manufacturing and assembly services. The Company’s vehicles, parts and services are sold to commercial users, OEMs, dealers, individual end users and municipalities and other governmental entities.
On July 27, 2023, Shyft reported its second quarter financial results and disclosed that it was drastically cutting its full-year earnings guidance. Chief Executive Officer Daryl Adams, reported that the Company “experienced challenges in the fleet vehicles and services business as market conditions deteriorated and operational inefficiencies remain. We continue to flex our operations while implementing additional cost reductions to reflect lower short-term demand.”
After this unexpected news was released, shares of Shyft fell more than 36.5% on intraday trading, declining from a close of $21.13 on July 26, 2023 to $13.43 per share at close on July 27, 2023.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774