NEW YORK, Feb. 04, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Covenant Logistics Group, Inc. (“Covenant” or the “Company”) CVLG. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.

The investigation concerns whether Covenant and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

[Click here for information about joining the class action]

On January 25, 2023, Covenant issued a press release announcing its fourth quarter financial and operating results. Among other things, Covenant reported non-GAAP earnings per share of $1.37, missing consensus estimates by $0.05. Covenant told investors that the company incurred “unusual costs consisting of two items: (i) an early termination of the lease and a disposal fee, and (ii) excess equipment due to the delivery of a large number of new tractors combined with removal delays existing leased tractor operations.”

As a result of this news, Covenant’s stock price fell $8.42 per share, or 21.91%, to close on January 25, 2023 at $30.01 per share.

The Pomerantz law firm, with offices in New York, Chicago, Los Angeles and Paris, is one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as Dean of the Class Attorney’s Association, the Pomerantz firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz law firm continues the tradition he established and fights for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomerantzlaw.com.

CONTACT:
Robert S Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980