A logistics company is surging after announcing a $1 billion stock-buyback program one day after a short seller alleged 'financial irregularities' (XPO)

pulse

December 14, 2018 3:17 PM

XPO Logisitcs surged Friday morning after announcing a $1 billion buyback program, one day after a short seller alleged "financial irregularities"

XPO Logistics CEO Brad Jacobs, left, talks with company driver Antoine Seegars.

The announcement comes one day after the short seller Spruce Point Capital Management alleged "financial irregularities."

XPO Logisitics was surging Friday morning, up more than 7% to $47.93 a share, after announcing a $1 billion stock-buyback program. Shares tumbled more than 26% Thursday, to their lowest level since April 2016, after the short seller Spruce Point Capital Management alleged the company had "financial irregularities" that were masking its growth problem.

XPO responded to the report on Thursday, saying the allegations were "

pulse

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng