After spending $100 million on share repurchases in November 2015 and January 2016, Swift Transportation Company CEO, Jerry Moyes, announced on January 26, 2016 that he would seek to have Swift spend an additional $200 million on share buybacks. The buybacks would retire roughly 9% of Swift’s stock and ease the pressure on Moyes’s margin loans. While beneficial to Moyes, this is harmful to the company.
Levi & Korsinsky announces it has commenced an investigation of Swift Transportation Company (NYSE: SWFT) concerning possible breaches of fiduciary duty by the Company and/or certain of its officers and directors.
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