Celadon Group Plans Share Repurchase
Celadon Group said it plans to buy back as many as 2 million shares by Aug. 31 of next year.
Chief Executive Officer Steve Russell said in a statement that the repurchase will increase earnings per share and “offers a potentially attractive use of capital.”
Celadon has about 22 million shares outstanding.
Separately, a federal judge in Arkansas ruled that a suit against Celadon by former employees of Continental Express could proceed with class-action status, the Associated Press reported.
Celadon bought Continental in 2008, and its workers claim that Celadon did not give enough notice before closing down the Little Rock, Ark., carrier.
Celadon argued it did not have to notify workers because it didn’t buy the company, just equipment such as tractors, AP reported.
