|Swift Transportation Co. Inc. Announces Great News from the Securities and Exchange Commission|
PHOENIX--(BUSINESS WIRE)--Sept. 21, 2005--Swift Transportation Co. Inc. (NASDAQ-NMS: SWFT) announced today that it has been advised by the Securities and Exchange Commission ("SEC") that no action will be taken against the company in connection with the SEC's formal investigation into certain stock trades by insiders in the first half of 2004.
The company also understands that the SEC investigation will be terminated and that, other than as described below, no action will be taken by the SEC against any insider of the company.
The company's chairman and chief executive officer, Jerry Moyes, has agreed, without admitting or denying the SEC's claims, to settle matters raised by the SEC by agreeing to disgorgement of trading profits plus interest, payment of a civil penalty equal to the same amount, and the entry of a decree permanently enjoining him from violating securities laws.
Robert W. Cunningham, president and chief operating officer, said, "This is great news. We are pleased this matter is behind us and, looking forward, we will continue to concentrate on improving our operating results."
CONTACT: Swift Transportation Co. Inc., Phoenix Glynis Bryan, 602-269-9700 SOURCE: Swift Transportation Co. Inc.