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Yahoo
13-05-2025
- Business
- Yahoo
Landstar System Reports First Quarter Revenue of $1.153B and Earnings per Share of $0.85 and Announces 11% Increase to Quarterly Dividend
JACKSONVILLE, Fla., May 13, 2025 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ: LSTR) ('Landstar' or the 'Company') today reported basic and diluted earnings per share ('EPS') of $0.85 in the 2025 first quarter on revenue of $1.153 billion. 'The Landstar team of independent business owners and employees continued to perform admirably, despite a highly unpredictable macro-economic backdrop,' said Landstar President and Chief Executive Officer Frank Lonegro. 'I was encouraged by the number of loads hauled via truck in the quarter. Importantly, this was the first time in fifteen years that the number of loads hauled via truck during the first quarter exceeded the immediately preceding fourth quarter. Our network of Landstar BCOs, agents and employees are laser-focused on safety, security and delivering great service to our customers in an extremely fluid freight transportation environment.' 1Q 2025 1Q 2024 Revenue $ 1,152,502 $ 1,171,043 Gross profit $ 98,305 $ 113,902 Variable contribution $ 161,310 $ 168,240 Operating income $ 39,419 $ 59,961 Basic and diluted earnings per share $ 0.85 $ 1.32 (1) Dollars above in thousands, except per share amounts.(2) Please refer to the Consolidated Statements of Income and Reconciliation of Gross Profit to Variable Contribution included below. As previously disclosed in Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission on April 2, 2025 (the 'April 2nd 8-K'), and subsequently on April 25, 2025 (the 'April 25th 8-K'), during the last week of the Company's 2025 first quarter, Landstar identified a supply chain fraud relating to the Company's international freight forwarding operations that does not involve its core North American truckload services. While investigation, remediation and collection efforts continue, the 2025 first quarter results include a $4.8 million pre-tax charge, or $0.10 per share, relating to this matter. This charge currently reflects the total anticipated adverse financial impact to Landstar relating to the fraud, net of certain actual and anticipated recoveries and before taking into account the cost of legal and other professional fees as well as additional potential recoveries in the future. This charge is reflected in selling, general & administrative costs. Landstar continues to return capital to stockholders through the Company's stock purchase program and dividends. During the 2025 first quarter, Landstar purchased approximately 386,000 shares of its common stock at an aggregate cost of $60.9 million and paid $83.3 million to stockholders in the form of cash dividends. The Company is currently authorized to purchase up to an additional 2,161,663 shares of the Company's common stock under its longstanding share purchase program. Landstar also announced today that its Board of Directors declared a quarterly dividend of $0.40 per share payable on June 24, 2025, to stockholders of record as of the close of business on June 5, 2025. This quarterly dividend includes a $0.04 per share increase, or 11% over the amount of the Company's regular quarterly dividend declared following each of the prior three quarters. Total revenue was $1,153 million in the 2025 first quarter, compared to $1,171 million in the 2024 first quarter. Truck transportation revenue hauled by independent business capacity owners ('BCOs') and truck brokerage carriers in the 2025 first quarter was $1,050 million, or 91% of revenue, compared to $1,069 million, or 91% of revenue, in the 2024 first quarter. Truckload transportation revenue hauled via van equipment in the 2025 first quarter was $595 million, compared to $628 million in the 2024 first quarter. Truckload transportation revenue hauled via unsided/platform equipment in the 2025 first quarter was $340 million, compared to $343 million in the 2024 first quarter. Revenue from other truck transportation, which is largely related to power-only services, in the 2025 first quarter was $92 million, compared to $72 million in the 2024 first quarter. Revenue hauled by rail, air and ocean cargo carriers was $83 million, or 7% of revenue, in the 2025 first quarter, compared to $77 million, or 7% of revenue, in the 2024 first quarter. The number of loads hauled via truck declined 1.2% in the 2025 first quarter as compared to the 2024 first quarter. This performance was slightly better than the high-end of the Company's guidance range of 7% below to 2% below prior year included in its 2024 fourth quarter earnings release slide presentation, dated January 29, 2025 (the '2025 First Quarter Guidance'). Truck revenue per load decreased 0.6% in the 2025 first quarter as compared to the 2024 first quarter, below the mid-point of the guidance range of 2% below to 3% above prior year provided in the 2025 First Quarter Guidance. As a result, first quarter revenue exceeded the mid-point of the range included in the Company's 2025 First Quarter Guidance. The April 25th 8-K announced that 2025 first quarter EPS was $0.95, prior to giving effect to any potential adverse impact from the supply chain fraud matter referenced above. As also noted in the April 25th 8-K, the adverse financial impact to Landstar, before taking into account the cost of legal and other professional fees or any potential insurance and other recoveries, was not expected to exceed $0.43 per share on an after-tax basis. As previously stated, 2025 first quarter EPS was $0.85, inclusive of $0.10 per share relating to the supply chain fraud matter. As previewed by the April 2nd 8-K, 2025 first quarter EPS also reflected highly elevated insurance and claim costs of 9.3% of BCO revenue, well above the Company's average historical experience from the 2019 fiscal year through the 2024 fiscal year of 4.9%, primarily due to cargo theft and truck accident adverse prior year claim development. Gross profit in the 2025 first quarter was $98 million and variable contribution (defined as revenue less the cost of purchased transportation and commissions to agents) in the 2025 first quarter was $161 million. Gross profit in the 2024 first quarter was $114 million and variable contribution in the 2024 first quarter was $168 million. Reconciliations of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2025 and 2024 first quarters are provided in the Company's accompanying financial disclosures. The Company's balance sheet continues to be very strong, with cash and short-term investments of approximately $473 million as of March 29, 2025. Trailing twelve-month return on average shareholders' equity was 18%, and return on invested capital, representing net income divided by the sum of average equity plus average debt, was 17%. Landstar will provide a live webcast of its quarterly earnings conference call this morning at 8:30 a.m. ET. To access the webcast, visit click on 'Webcasts,' then click on 'Landstar's First Quarter 2025 Earnings Release Conference Call.' A slide presentation to accompany the webcast presentation is also available on Landstar's investor relations website at Landstar System, Inc., is a technology-enabled, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation services to a broad range of customers utilizing a network of agents, third-party capacity providers and employees. Landstar transportation services companies are certified to ISO 9001:2015 quality management system standards and RC14001:2015 environmental, health, safety and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol LSTR. :In this earnings release and accompanying financial disclosures, the Company provides the following information that may be deemed non-GAAP financial measures: variable contribution and variable contribution margin. The Company believes variable contribution and variable contribution margin are useful measures of the variable costs that we incur at a shipment-by-shipment level attributable to our transportation network of third-party capacity providers and independent agents in order to provide services to our customers. The Company also believes that it is appropriate to present each of the financial measures that may be deemed a non-GAAP financial measure, as referred to above, for the following reasons: (1) disclosure of these matters will allow investors to better understand the underlying trends in the Company's financial condition and results of operations; (2) this information will facilitate comparisons by investors of the Company's results as compared to the results of peer companies; and (3) management considers this financial information in its decision making. The following is a 'safe harbor' statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not based on historical facts are 'forward-looking statements.' This press release contains forward-looking statements, such as statements which relate to Landstar's business objectives, plans, strategies and expectations. Terms such as 'anticipates,' 'believes,' 'estimates,' 'intention,' 'expects,' 'plans,' 'predicts,' 'may,' 'should,' 'could,' 'will,' the negative thereof and similar expressions are intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: U.S. trade relationships; an increase in the frequency or severity of accidents or other claims; unfavorable development of existing accident claims; dependence on third party insurance companies; dependence on independent commission sales agents; dependence on third party capacity providers; the impact of the Russian conflict with Ukraine on the operations of certain independent commission sales agents, including the Company's largest such agent by revenue in the 2024 fiscal year; decreased demand for transportation services; substantial industry competition; disruptions or failures in the Company's computer systems; cyber and other information security incidents; dependence on key vendors; potential changes in taxes; status of independent contractors; regulatory and legislative changes; regulations focused on diesel emissions and other air quality matters; regulations requiring the purchase and use of zero-emission vehicles; intellectual property; and other operational, financial or legal risks or uncertainties detailed in Landstar's Form 10-K for the 2024 fiscal year, described in Item 1A Risk Factors, and in other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and the Company undertakes no obligation to publicly update or revise any forward-looking statements. Landstar System, Inc. and Subsidiary Consolidated Statements of Income (Dollars in thousands, except per share amounts) (Unaudited) Thirteen Weeks Ended March 29, March 30, 2025 2024 Revenue $ 1,152,502 $ 1,171,043 Investment income 3,598 3,412 Costs and expenses: Purchased transportation 897,878 905,521 Commissions to agents 93,314 97,282 Other operating costs, net of gains on asset sales/dispositions 11,829 14,859 Insurance and claims 39,852 26,268 Selling, general and administrative 61,582 56,422 Depreciation and amortization 12,226 14,142 Total costs and expenses 1,116,681 1,114,494 Operating income 39,419 59,961 Interest and debt (income) expense (159 ) (1,611 ) Income before income taxes 39,578 61,572 Income taxes 9,772 14,476 Net income $ 29,806 $ 47,096 Basic and diluted earnings per share $ 0.85 $ 1.32 Average basic and diluted shares outstanding 35,203,000 35,750,000 Dividends per common share $ 0.36 $ 0.33 Landstar System, Inc. and Subsidiary Consolidated Balance Sheets (Dollars in thousands, except per share amounts) (Unaudited) March 29, December 28, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 417,420 $ 515,018 Short-term investments 56,016 51,619 Trade accounts receivable, less allowance of $16,316 and $12,904 703,181 683,841 Other receivables, including advances to independent contractors, less allowance of $16,998 and $17,812 48,433 47,160 Other current assets 16,571 22,229 Total current assets 1,241,621 1,319,867 Operating property, less accumulated depreciation and amortization of $456,072 and $456,547 297,517 311,345 Goodwill 40,881 40,933 Other assets 136,159 141,166 Total assets $ 1,716,178 $ 1,813,311 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Cash overdraft $ 59,359 $ 61,033 Accounts payable 389,592 383,625 Current maturities of long-term debt 32,024 33,116 Insurance claims 37,638 40,511 Dividends payable - 70,632 Other current liabilities 93,701 84,237 Total current liabilities 612,314 673,154 Long-term debt, excluding current maturities 61,944 69,191 Insurance claims 75,436 62,842 Deferred income taxes and other non-current liabilities 35,729 35,685 Shareholders' equity: Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,581,772 and 68,559,269 686 686 Additional paid-in capital 257,296 255,260 Retained earnings 2,877,034 2,859,916 Cost of 33,635,595 and 33,243,196 shares of common stock in treasury (2,193,265 ) (2,131,413 ) Accumulated other comprehensive loss (10,996 ) (12,010 ) Total shareholders' equity 930,755 972,439 Total liabilities and shareholders' equity $ 1,716,178 $ 1,813,311 Landstar System, Inc. and Subsidiary Supplemental Information (Unaudited) Thirteen Weeks Ended March 29, March 30, 2025 2024 Revenue generated through (in thousands): Truck transportation Truckload: Van equipment $ 594,795 $ 628,304 Unsided/platform equipment 340,408 343,045 Less-than-truckload 22,436 25,617 Other truck transportation (1) 92,079 71,966 Total truck transportation 1,049,718 1,068,932 Rail intermodal 17,487 22,695 Ocean and air cargo carriers 65,637 54,074 Other (2) 19,660 25,342 $ 1,152,502 $ 1,171,043 Revenue on loads hauled via BCO Independent Contractors (3) included in total truck transportation $ 427,057 $ 452,561 Number of loads: Truck transportation Truckload: Van equipment 288,063 299,014 Unsided/platform equipment 117,245 117,947 Less-than-truckload 35,580 40,233 Other truck transportation (1) 44,012 33,526 Total truck transportation 484,900 490,720 Rail intermodal 6,150 7,150 Ocean and air cargo carriers 9,120 8,720 500,170 506,590 Loads hauled via BCO Independent Contractors (3) included in total truck transportation 194,070 208,740 Revenue per load: Truck transportation Truckload: Van equipment $ 2,065 $ 2,101 Unsided/platform equipment 2,903 2,908 Less-than-truckload 631 637 Other truck transportation (1) 2,092 2,147 Total truck transportation 2,165 2,178 Rail intermodal 2,843 3,174 Ocean and air cargo carriers 7,197 6,201 Revenue per load on loads hauled via BCO Independent Contractors (3) $ 2,201 $ 2,168 Revenue by capacity type (as a % of total revenue): Truck capacity providers: BCO Independent Contractors (3) 37 % 39 % Truck Brokerage Carriers 54 % 53 % Rail intermodal 2 % 2 % Ocean and air cargo carriers 6 % 5 % Other 2 % 2 % March 29, March 30, 2025 2024 Truck Capacity Providers BCO Independent Contractors (3) 7,871 8,619 Truck Brokerage Carriers: Approved and active (4) 47,323 45,919 Other approved 33,275 26,320 80,598 72,239 Total available truck capacity providers 88,469 80,858 Trucks provided by BCO Independent Contractors (3) 8,620 9,410 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. (2) Includes primarily reinsurance premium revenue generated by the insurance segment and intra-Mexico transportation services revenue generated by Landstar Metro. (3) BCO Independent Contractors are independent contractors who provide truck capacity to the Company under exclusive lease arrangements. (4) Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the fiscal quarter end. Landstar System, Inc. and Subsidiary Reconciliation of Gross Profit to Variable Contribution (Dollars in thousands) (Unaudited) Thirteen Weeks Ended March 29, March 30, 2025 2024 Revenue $ 1,152,502 $ 1,171,043 Costs of revenue: Purchased transportation 897,878 905,521 Commissions to agents 93,314 97,282 Variable costs of revenue 991,192 1,002,803 Trailing equipment depreciation 6,977 6,897 Information technology costs (1) 3,675 5,804 Insurance-related costs (2) 40,524 26,778 Other operating costs 11,829 14,859 Other costs of revenue 63,005 54,338 Total costs of revenue 1,054,197 1,057,141 Gross profit $ 98,305 $ 113,902 Gross profit margin 8.5 % 9.7 % Plus: other costs of revenue 63,005 54,338 Variable contribution $ 161,310 $ 168,240 Variable contribution margin 14.0 % 14.4 % (1) Includes costs of revenue incurred related to internally developed software including ASC 350-40 amortization, implementation costs, hosting costs and other support costs utilized to support the Company's independent commission sales agents, third party capacity providers, and customers, included as a portion of depreciation and amortization and of selling, general and administrative in the Company's Consolidated Statements of Income. (2) Primarily includes (i) insurance premiums paid for commercial auto liability, general liability, cargo and other lines of coverage related to the transportation of freight; (ii) the related cost of claims incurred under those programs; and (iii) brokerage commissions and other fees incurred relating to the administration of insurance programs available to BCO Independent Contractors that are reinsured by the Company, which are included in selling, general and administrative in the Company's Consolidated Statements of Income. CONTACT: Contact: Jim Todd Chief Financial Officer 904-398-9400
Associated Press
19-03-2025
- Automotive
- Associated Press
ONGOING DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Polestar Automotive
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Polestar To Contact Him Directly To Discuss Their Options If you purchased or acquired securities in Polestar between November 14, 2022 and January 16, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Polestar Automotive Holding UK PLC ('Polestar' or the 'Company') (NASDAQ: PSNY) and reminds investors of the March 31, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Polestar's financial statements during the Class Period were materially misstated; (2) Polestar understated its internal control weaknesses; and (3) as a result, defendants' statements about Polestar's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. On January 16, 2025, before the market opened, Polestar filed a current report on Form 6-K with the U.S. Securities and Exchange Commission. In this current report, Polestar announced that it had been concluded that 'the Company's previously issued audited financial statements included within Annual Reports on Form 20-F for the years ended December 31, 2022 and December 31, 2023 (the 'Audited Affected Financials') and the unaudited interim financial information included within Current Reports on Form 6-K for the quarterly periods ending on and falling between September 30, 2022 and June 30, 2024 (the 'Unaudited Affected Financials' and together with the Audited Affected Financials, the 'Affected Financials') contain errors that warrant restatement of the Audited Affected Financials and the interim financial information for the six-month periods ended June 30, 2023, and June 30, 2024.' On this news, Polestar Class A American Depositary Shares fell 11% in intraday on January 16, 2025. The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information regarding Polestar's conduct to contact the firm, including whistleblowers, former employees, shareholders and others. To learn more about the Polestar Automotive class action, go to or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
Associated Press
14-03-2025
- Automotive
- Associated Press
Lead Plaintiff Deadline is March 31, 2025 for Investors of Polestar Automotive Holding UK PLC (PSNY)
NEWMEDIAWIRE) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Polestar Automotive Holding UK PLC ('Polestar' or the 'Company') (NASDAQ: PSNY) on behalf of investors who purchased or otherwise acquired publicly traded Polestar securities between November 14, 2022 and January 16, 2025 (the 'Class Period'). If you are an investor in Polestar and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (212) 329-8571. DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than March 31, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery. According to the complaint, on January 16, 2025, before the market opened, Polestar filed a current report on Form 6-K with the U.S. Securities and Exchange Commission that stated that 'the Company's previously issued audited financial statements included within Annual Reports on Form 20-F for the years ended December 31, 2022 and December 31, 2023 (the 'Audited Affected Financials') and the unaudited interim financial information included within Current Reports on Form 6-K for the quarterly periods ending on and falling between September 30, 2022 and June 30, 2024 (the 'Unaudited Affected Financials' and together with the Audited Affected Financials, the 'Affected Financials') contain errors that warrant restatement of the Audited Affected Financials and the interim financial information for the six-month periods ended June 30, 2023, and June 30, 2024 . . . As a result of the above noted accounting errors, the Audit Committee, based on the recommendation of, and after consultation with, the Company's management, have further concluded that the Affected Financials should no longer be relied upon . . .'. Following this news, the price of Class A Polestar ADSs declined by $0.135 per ADS, over 11%, to close at $1.085 per ADS. WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Jeffrey P. Campisi KAPLAN FOX & KILSHEIMER LLP 800 Third Avenue, 38th Floor New York, New York 10022 (212) 329-8571 Laurence D. King KAPLAN FOX & KILSHEIMER LLP 1999 Harrison Street, Suite 1560 Oakland, California 94612 (415) 772-4704
Associated Press
28-02-2025
- Automotive
- Associated Press
PSNY INVESTOR ALERT: Kaplan Fox Alerts Investors of a Class Action Deadline on March 31, 2025
NEWMEDIAWIRE) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Polestar Automotive Holding UK PLC ('Polestar' or the 'Company') (NASDAQ: PSNY) on behalf of investors who purchased or otherwise acquired publicly traded Polestar securities between November 14, 2022 and January 16, 2025 (the 'Class Period'). If you are an investor in Polestar and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (212) 329-8571. DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than March 31, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery. According to the complaint, on January 16, 2025, before the market opened, Polestar filed a current report on Form 6-K with the U.S. Securities and Exchange Commission that stated that 'the Company's previously issued audited financial statements included within Annual Reports on Form 20-F for the years ended December 31, 2022 and December 31, 2023 (the 'Audited Affected Financials') and the unaudited interim financial information included within Current Reports on Form 6-K for the quarterly periods ending on and falling between September 30, 2022 and June 30, 2024 (the 'Unaudited Affected Financials' and together with the Audited Affected Financials, the 'Affected Financials') contain errors that warrant restatement of the Audited Affected Financials and the interim financial information for the six-month periods ended June 30, 2023, and June 30, 2024 . . . As a result of the above noted accounting errors, the Audit Committee, based on the recommendation of, and after consultation with, the Company's management, have further concluded that the Affected Financials should no longer be relied upon . . .'. Following this news, the price of Class A Polestar ADSs declined by $0.135 per ADS, over 11%, to close at $1.085 per ADS. WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Jeffrey P. Campisi KAPLAN FOX & KILSHEIMER LLP 800 Third Avenue, 38th Floor New York, New York 10022 (212) 329-8571 Laurence D. King KAPLAN FOX & KILSHEIMER LLP 1999 Harrison Street, Suite 1560 Oakland, California 94612 (415) 772-4704
Associated Press
07-02-2025
- Automotive
- Associated Press
DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Polestar Automotive
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Polestar To Contact Him Directly To Discuss Their Options If you purchased or acquired securities in Polestar between November 14, 2022 and January 16, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). New York, New York--(Newsfile Corp. - February 6, 2025) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Polestar Automotive Holding UK PLC ('Polestar' or the 'Company') (NASDAQ: PSNY) and reminds investors of the March 31, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Polestar's financial statements during the Class Period were materially misstated; (2) Polestar understated its internal control weaknesses; and (3) as a result, defendants' statements about Polestar's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. On January 16, 2025, before the market opened, Polestar filed a current report on Form 6-K with the U.S. Securities and Exchange Commission. In this current report, Polestar announced that it had been concluded that 'the Company's previously issued audited financial statements included within Annual Reports on Form 20-F for the years ended December 31, 2022 and December 31, 2023 (the 'Audited Affected Financials') and the unaudited interim financial information included within Current Reports on Form 6-K for the quarterly periods ending on and falling between September 30, 2022 and June 30, 2024 (the 'Unaudited Affected Financials' and together with the Audited Affected Financials, the 'Affected Financials') contain errors that warrant restatement of the Audited Affected Financials and the interim financial information for the six-month periods ended June 30, 2023, and June 30, 2024.' On this news, Polestar Class A American Depositary Shares fell 11% in intraday on January 16, 2025. The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information regarding Polestar's conduct to contact the firm, including whistleblowers, former employees, shareholders and others. To learn more about the Polestar Automotive class action, go to or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
