Shyft Group Inc.
08/02/2023
The law firm of Kirby McInerney LLP is investigating potential claims against Shyft Group Inc. (“Shyft” or the “Company”) (NASDAQ: SHYF). The investigation concerns whether Shyft and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
Shyft manufactures and assembles specialty vehicles for the commercial vehicle and recreational vehicle industries.
On July 27, 2023, Shyft reported its quarterly financials which disclosed that the company would significantly cut its full-year guidance. CEO Daryl Adams said, “We experienced challenges in the fleet vehicles and services business as market conditions deteriorated and operational inefficiencies remain. We continue to flex our operations while implementing additional cost reductions to reflect lower short-term demand.” On this news, the price of Shyft shares declined by $7.70 per share, or approximately 36.44%, from $21.13 per share to close at $13.43 on July 27, 2023.
Shyft manufactures and assembles specialty vehicles for the commercial vehicle and recreational vehicle industries.
On July 27, 2023, Shyft reported its quarterly financials which disclosed that the company would significantly cut its full-year guidance. CEO Daryl Adams said, “We experienced challenges in the fleet vehicles and services business as market conditions deteriorated and operational inefficiencies remain. We continue to flex our operations while implementing additional cost reductions to reflect lower short-term demand.” On this news, the price of Shyft shares declined by $7.70 per share, or approximately 36.44%, from $21.13 per share to close at $13.43 on July 27, 2023.