About 2,400 independent drivers for Indianapolis-based Celadon Trucking Services Inc. are seeing the results of a class-action judgment that found the drivers were overcharged for their fuel purchases.
Kinetrex Energy, which distributes liquid natural gas, has roughly doubled its workforce to 40 people. and pushed from its core market—trucking companies—into agriculture, power generation, asphalt production and other sectors.
Jim Bopp filed the suit on behalf of a trucking trade group and claimed Indiana lacks the authority to collect $100 million annually in fees from nearly 400,000 truckers.
The extension gives Celadon until May 2 to file several delinquent quarterly and annual financial reports with the Securities and Exchange Commission.
The trucking giant is canceling its $28 million Mount Comfort headquarters, selling its flatbed unit, and outsourcing its driver schools, to refocus on core business as the industry is expected to boom.
The move comes as the Indianapolis-based trucking company works through financial, accounting and operational issues.
A wave of companies, including some in Indianapolis, are launching freight-related apps in hopes of making money by helping to streamline a huge and fragmented industry.
Investors and analysts are reacting positively to Celadon Group Inc.’s decision to bring in an outside executive with years of transportation industry experience to run the company.
Q&A with Mark Kirschner, Wheaton Van Lines: “We’re not losing drivers; there’s just no new drivers coming into the industry.”
Q&A with Sherry Aaholm, Cummins Inc.: “My mother, early on, taught me the value of hard work, the value of recognizing diversity, the value of recognizing engagement and the fact that you’re just as powerful to do what you want to do.”
Eric Meek, who resigned as Celadon’s president and chief operating officer last month, is involved with plans to purchase Celadon subsidiary Prosair Technologies.
The trucking company's financial statements became decidedly more opaque after October 2015, when it set up an off-balance-sheet truck-leasing joint venture in which management held ownership.
Shares in the Indianapolis-based trucking company dropped as much as 67 percent Tuesday morning. At least 16 law firms say they have filed lawsuits against the company or are investigating doing so.
The Indianapolis-based trucking company is dealing with auditing issues, liquidity challenges and scrutiny from its lenders. It expects to report a $10 million quarterly loss.
Indianapolis-based Celadon Group Inc. is banking that a new federal food safety rule will help it take a bite out of its competition—in part because smaller carriers won’t be able to afford to comply.
The plaintiff says he was harmed financially because he purchased Celadon stock at “artificially inflated prices.” The company’s shares declined after allegations of misleading statements and a federal probe.
Founded in 2009, Spot Freight Inc. has been one of the area’s fastest-growing companies over the past several years.