Roadrunner Avoids Stock Exchange Delisting
Roadrunner Transportation Systems received an extension through April 4 to remain on the New York Stock Exchange, avoiding a delisting due to the company retracting financial statements for every quarter since the beginning of 2016 and also pulling its annual reports for 2015 and 2016.
The Downers Grove, Ill.-based company announced in late January 2017 that an audit from Deloitte & Touche uncovered accounting errors concerning unrecognized expenses from two acquisitions from 2011 — Morgan Southern and Bruenger — among the first of more than 20 acquisitions Roadrunner made through 2014. Previously, CEO Curtis Stoelting said the impact would likely be between $20 million and $25 million on operating income. There will also likely be a goodwill impairment charge on the company’s balance sheet to reflect the drop in the intangible value of Morgan Southern and Bruenger.
Roadrunner ranks No. 15 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
