On May 21, 2025, Siskinds LLP filed a proposed shareholder class action against TFI International Inc. (“TFI”) and certain of its directors and officers on behalf of investors who acquired TFI’s shares between February 16, 2024 and February 19, 2025 and continued to hold all or some of those shares as of February 20, 2025 (the “Action”). This class action aims to hold TFI International and its executives accountable for allegedly misleading investors about the company’s U.S. less-than-truckload (“LTL”) business performance. A copy of the Statement of Claim is available here.
TFI International is a Canadian transportation and logistics company that provides a wide range of services, including truckload, less-than-truckload (“LTL”), package and courier, logistics, and freight forwarding.
Shareholder class action alleges TFI International misled investors
In this securities class action it is alleged that TFI and the other defendants misrepresented and omitted material facts about TFI’s U.S. LTL business, including, among other things, that TFI’s U.S. LTL business had lost high margin small and medium sized business customers and replaced them with low and negative margin large corporate and third-party logistics (3PL) customers.
On February 19, 2025 after the close of financial markets, TFI released poor financial results for its fiscal year 2024 and subsequently held a conference call with market analysts to discuss the results. The results and call with market analysts corrected the misrepresentations by revealing the ongoing issues with TFI’s U.S. LTL business. After the news became public, TFI’s share price dropped by approximately 20%, resulting in substantial financial losses for shareholders and investors.
Impacted shareholders are encouraged to join this action to protect their rights, seek compensation for potential losses, and help uphold transparency and accountability in corporate financial reporting.
Stay updated on the TFI International class action
If you would like to be updated on case developments in the action against TFI International, please click “join” above and complete the form. Your information will be held in strict confidence. By completing the form, you are not retaining Siskinds LLP, nor do you incur any obligations in connection with the Action.
FAQs
Can I join the TFI International Inc. class action?
There are no steps required to “join” the class action. Assuming you fall within the scope of the class definition, you are automatically included in the class action unless you “opt-out” (exclude yourself from the class action) after the lawsuit has been certified as a class action. Notices will be issued to the affected persons after the court certifies the class action.
Can I opt-out of the class action?
Once the class action has been authorized or certified, you will have the opportunity to opt-out of the class action within a period of time to be determined by the Court. If you exclude yourself, you will not be entitled to any compensation awarded under a settlement agreement or court order. You may however pursue your own action on an individual basis.
Generally, class members will wish to exclude themselves from a class action if they intend to bring their own individual action. In the majority of cases, it will be more economical to participate in the class action because the legal costs will be shared among a very large number of people.
What should I do to protect my rights?
To protect your rights, you should:
- Keep records of any purchases and sales of the common shares or other securities of TFI between February 16, 2024 and February 20, 2025 and any sales after February 20, 2025.
- While the class action is pending, notices will be disseminated to the class members advising that they should take certain steps by specific deadlines in order to preserve their rights. This information will also be made available on Siskinds’ website. These deadlines will usually be fixed by the courts, and will need to be adhered with in order to protect your rights.
- Register to receive updates on this class by clicking “join” above and filling out the form.
I still have questions. Who should I contact?
For answers to common questions about class actions in Canada, such as timelines, eligibility, and settlement information, please visit our Class Action Lawsuit FAQ page.
If you have any other questions, please email us at [email protected] or contact us by phone at 519.672.2121 or toll free at 1.800.461.6166.