Shareholders Sue Quality Over IPO Prospectus

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ess than three months after tank-truck carrier Quality Distribution initially offered its stock to the public, lawyers representing people who bought some of the shares have sued the company, alleging that its prospectus was false and misleading because it overstated financial results.

A pair of law firms filed separate lawsuits Feb. 24 in the U.S. District Court for the Middle District of Florida, seeking class-action status on behalf of those who bought stock between Nov. 7, 2003, and Feb. 2.

They seek to recover monetary damages.

Thomas Finkbiner, Quality’s chief executive officer, confirmed that the suit had been filed, but declined to comment further, saying the company had not yet received any of the legal documents.

For the full story, see the March 1 print edition of Transport Topics. Subscribe today.