Celadon Group controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2019
Deferred prosecution agreement and restitution
Celadon agreed to pay $42.2 million in restitution in connection with materially false statements to investors and falsified books, records, and accounts.
2019
SEC and criminal actions against former executives
The SEC charged former Celadon and Quality Companies executives with accounting fraud, while the Justice Department announced related criminal proceedings and a guilty plea by Danny Williams.
2019
Bankruptcy and abrupt cessation of operations
Celadon and 25 affiliates filed for bankruptcy protection and rapidly ceased core operations, creating disruption for employees, drivers, customers, and equipment recovery.
2017
Financial reporting failure and alleged truck-valuation manipulation
Celadon disclosed that its fiscal 2016 financial statements could not be relied upon. A later investigation found that transactions involving aging and unused trucks used inflated invoices to conceal significant losses and misstate the company's financial condition.