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Swift stock purchases come under scrutiny

Published Friday, June 04, 2004

Phoenix AZ-based Swift Transportation Co Inc has enlisted an outside attorney to investigate its chief executive officer’s purchase of company stock shortly before shares soared on an earnings forecast. Accoring to the company, Jerry Moyes, its chief executive officer, attempted to rescind the stock purchases, but it was too late to withdraw them. The bulk of the profits amounting to about $625,000 will go into a trust controlled by Swift’s independent directors, the company said in a filing with the Securities and Exchange Commission. Moyes bought 203,000 shares of Swift stock a few days before and on May ...

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