CENF Central Freight Lines

/C O R R E C T I O N -- Schiffrin & Barroway, LLP/ In the news release, Shareholder Class Action Filed Against Central Freight Lines, Inc. (Nasdaq: CENF) by the Law Firm of Schiffrin & Barroway, LLP, issued Friday, June 25, by Schiffrin & Barroway, LLP over PR Newswire, we are advised by the company that the second paragraph, first sentence, should read "in connection with or traceable to its December 2003 Initial Public Offering" rather than "December 12, 2003" and the fourth paragraph, first sentence, should read "The complaint charges Central Freight, Robert V. Fasso, Jerry Moyes, and Jeffrey A. Hale with violations" rather than "The complaint charges Central Freight, Robert V. Fasso, Patrick J. Curry, and Jeffrey A. Hale with violations" as originally issued inadvertently. Complete, corrected release follows: BALA CYNWYD, Pa., June 25 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Western District of Texas on behalf of all purchasers of Central Freight Lines, Inc. (NASDAQ:CENF) ("Central Freight" or the "Company") stock issued in connection with or traceable to its December 2003 Initial Public Offering ("IPO"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges Central Freight, Robert V. Fasso, Jerry Moyes, and Jeffrey A. Hale with violations of the Securities Act of 1933. On December 12, 2003, Central Freight announced that had completed an IPO of 8.5 million shares of stock pursuant to a Prospectus/Registration Statement. The IPO was priced at $15.00 per share for total net proceeds of $77.9 million after underwriting discounts and commissions. In fact, the Prospectus/Registration Statement was materially false and misleading and failed to disclose, among other things, the following: (1) that the Company's dynamic resource planning process implementation was going disastrously; (2) that the Company's aggressive expansion projects were negatively affecting the Company's margins; (3) that the Company's insurance and claims accrual rate was off because the Company failed to have sufficient reverses for accident frequency; and (4) that the Company was experiencing severe operational issues. As this adverse information was disclosed, the Company's shares eventually plummeted to $8.55 per share. Public investors who purchased shares pursuant to or shares traceable to the IPO based on Central Freight's representations have suffered tens of millions of dollars in damages. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/. If you are a member of the class described above, you may, not later than August 24, 2004, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Stuart L. Berman, Esq. Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Stuart L. Berman, Esq., both of Schiffrin & Barroway, LLP, +1-888-299-7706, +1-610-667-7706, Web site: http://www.sbclasslaw.com/

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