Celadon Group

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Celadon Group, Inc.
Public
Traded asTemplate:Otcm
IndustryTransport and Logistics
FoundedMay 1985
FoundersStephen Russell
Lee Bennett
Headquarters,
United States
Area served
North America
Key people
Paul Svindland (CEO)
Jon Russell (COO
Thom Albrecht (CFO)
Revenue Increase US$1.065 billion (2016)[1]
Decrease US$24.844 million (2016)[1]
Total assets Decrease US$1.103 billion (2016)[1]
Total equity Increase US$381.015 million (2016)[1]
Websitewww.celadontrucking.com

Celadon Group, Inc. is a truckload shipping company located in Indianapolis, Indiana, USA. It is one of the ten largest truckload carriers in North America. Celadon was founded in 1985 and employs over 4,000 individuals.[citation needed]

In April, 2018, the New York Stock Exchange suspended trading the stock of Celadon and moved to remove the company’s stock listing after an internal investigation had identified accounting errors that required it to restate financial results dating back to 2014.[2] Subsequently, it was found that the errors were the result of a series of trades of aging and unused trucks using invoices with purposefully inflated values to intentionally hide significant losses from its investors.[citation needed]

On May 1, 2017 the company announced that COO Eric Meek had resigned after auditor BKD had determined that the financial statements for the 2016 fiscal year “should not be relied upon.” On May 8, the New York Stock Exchange informed the company that it had failed to meet the exchange's listing standard and the company’s stock could be delisted in six months. The noncompliant financials put Celadon into default with its lenders. The company reached a new credit deal with Bank of America on July 3 after agreeing to a host of operating and reporting restrictions. CEO Paul Will announced his retirement on July 13.

On April 25th, 2019, it was announced that Celadon Group Inc. had agreed to pay total restitution of $42.2 million as a part of its deferred prosecution agreement (DPA) for filing materially false and misleading statements to investors and falsifying books, records and accounts.[3]

Subsidiaries[edit]

  • Celadon Trucking Services
  • Hyndman Transport
  • Jaguar Transportation

References[edit]

External links[edit]