Swift Transportation Co., Inc. NASD: SWFT

A class action lawsuit was filed on November 5, 2004, on behalf of purchasers of the securities of Swift Transportation Co., Inc. ("Swift" or the "Company") (NASDAQ: SWFT) between October 16, 2003 and October 1, 2004, inclusive, (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").

The complaint alleges that Swift, a Nevada holding company, together with its wholly-owned subsidiaries, is a national truckload carrier operating throughout the United States. At all relevant times, defendant Moyes and entities controlled by him owned approximately 34% of the Company's outstanding shares and those shares were at all relevant times, pledged to an undisclosed lending institution as collateral for margin loans. The complaint alleges that defendants issued materially false and misleading statements to prop up and otherwise manipulate the price of Swift securities so as to prevent a margin call on Moyes's shares and to engage in improper inside trading on the basis of material nonpublic information. Specifically, the Company made materially false and misleading statements with respect to its U.S. Department of Transportation safety rating, the impact of recently enacted DOT regulations on the Company's operations, the extent to which the Company was offsetting rising costs with customer rate increases, the depreciation of its fleet, and the integrity of the Company's internal controls and reported financial statements. On September 15, 2004, the Company announced that third-quarter profit would lag analyst estimates because the Company was unable to raise rates as fuel costs increased. On news of the earnings shortfall, the Company's share price dropped from a closing price of $18.27 on September 15, 2004 to as low as $16.09 on September 16, 2004. The Class Period ends on October 1, 2004. On that date, the Company disclosed that an informal inquiry into certain stock trades by the Company and Moyes had been elevated to a formal investigation. On this news, the company's shares, which closed at $17.49 on October 1, 2004, fell to a low of $16.54 on October 4, 2004, the next trading day.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.