TFI International Is Maintained at Positive by Susquehanna

E-commerce platform Shopify Inc. listed a New York headquarters in a US regulatory filing for the first time, stoking speculation about a US move amid anxiety in Canada about capital flight south of the border, Bloomberg is reporting Thursday.

MT Newswires Canada notes Canadian trucking company TFI International earlier this week

reversed plans to move its headquarters south after pressure from investors.

In terms of Shopify, Thursday's report notes the Ottawa-founded company filed a 10-K annual report on Feb. 11 to the US Securities and Exchange Commission that mentions New York as a "principal executive office" alongside its Canadian address.

Shopify filed the domestic issuer 10-K instead of the foreign issuer 40-F form, analysts at TD Securities Inc. said in a note. They highlighted that the form contains a US employer identification number, a "key consideration" for FTSE Russell and other significant US index providers.

Shopify also reordered how it reported segmented assets, "which flips the geographic breakdown" from majority Canadian to majority US.

"Since the country with the majority of assets is now the US and that matches the HQ, we expect that SHOP will be eligible for inclusion in the US indices at the next annual review in June," the note added.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

NEW YORK, NY / ACCESS Newswire / February 27, 2025 / Levi & Korsinsky notifies investors that it has commenced an investigation of TFI International Inc. ("TFI International Inc.") concerning possible violations of federal securities laws.

On February 20, 2025, TFI released its fourth quarter 2024 financial results, missing consensus estimates on both earnings per share and revenue. In a related earnings call that same day, TFI's President & Chief Executive Officer, Alain Bedard, reported that the Company is "losing the small and medium-sized . . . customers" and this "really accelerated in Q4." Bedard further compared the Company's efforts to control costs to "a dog chasing his tail."

Following this news, TFI's stock price fell over 20% on the same day. To obtain additional information, go to:

https://zlk.com/pslra-1/tfi-international-inc-lawsuit-submission-form?prid=132693&wire=1

or contact Joseph E. Levi, Esq.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

SOURCE: Levi & Korsinsky, LLP

View the original press release on ACCESS Newswire

NEW YORK, NY / ACCESS Newswire / February 27, 2025 / Levi & Korsinsky notifies investors that it has commenced an investigation of TFI International Inc. ("TFI International Inc.") concerning possible violations of federal securities laws.

On February 20, 2025, TFI released its fourth quarter 2024 financial results, missing consensus estimates on both earnings per share and revenue. In a related earnings call that same day, TFI's President & Chief Executive Officer, Alain Bedard, reported that the Company is "losing the small and medium-sized . . . customers" and this "really accelerated in Q4." Bedard further compared the Company's efforts to control costs to "a dog chasing his tail."

Following this news, TFI's stock price fell over 20% on the same day. To obtain additional information, go to:

https://zlk.com/pslra-1/tfi-international-inc-lawsuit-submission-form?prid=132617&wire=1

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212)363-7500.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

SOURCE: Levi & Korsinsky, LLP

View the original press release on ACCESS Newswire

By Paul Vieira

OTTAWA — TFI International Chief Executive Officer Alain Bédard said he had scrapped, for now, plans to move the logistics company's headquarters from Montreal to the U.S. because of concerns from the company's big American shareholders.

In an interview, Bédard said some shareholders in the U.S. fretted that they would have to sell some of their holdings in TFI because they wouldn't qualify for international-focused funds. He didn't identify which asset managers.

Bédard said political tensions between Canada and the U.S., with President Trump threatening hefty tariffs on Canadian imports and making repeated calls for Canada to become the 51st state, played no role in reversing the decision.

"We don't play political games," Bédard said Wednesday. "I mean, we're truckers. We're simple people."

A week ago, as part of its fourth-quarter earnings release, TFI said it intended to pursue domiciliation in the U.S., arguing the bulk of its revenue is from the U.S. and a plurality of its shareholders are American. During an earnings call with analysts, he said moving to the U.S. would mark an evolution for the company, and "better align with our shareholder base and commercial presence."

Five days later, TFI said it would remain a Canadian corporation, adding it changed course after feedback from shareholders. Among the shareholders was the pension fund Caisse de Dépôt et Placement du Quebec, which said it wasn't informed about the trucking company's intentions. "Preserving Quebec's interests is always at the forefront of our priorities as a shareholder," a Caisse spokeswoman said.

Bédard said what TFI initially announced was the intention to look at moving the headquarters, and that would require board and shareholder approval. In addition to being CEO, Bédard is also board chairman, and owns about 5.5% of the company's shares outstanding, according to FactSet data.

"We were surprised to see the reaction in the sense that we just said, 'OK, we're looking into that,'" Bédard said. "That doesn't mean it's a done deal. We never said we were doing it."

Bédard said some U.S. asset managers told him and Chief Financial Officer David Saperstein that they held the company's shares in international funds, or U.S. investment vehicles intended to hold solely foreign-owned companies.

"We were learning things that we were not aware of," Bédard said. Given the negative reaction to both the domicile news and its fourth-quarter earnings, which missed analyst expectations, Bédard said he decided "to eliminate" the headquarters move.

"We have some things to fix in our own company. It's a very difficult market for the last two and a half years, and we had a difficult fourth quarter," he said. "We have got so many other issues to fix. We're just going to go back to being Canadian for now."

Since the release of the fourth-quarter earnings and domicile plans, shares of TFI lost 27% of their value, trading Wednesday at about 133 Canadian dollars ($92).

TFI's biggest shareholder is Capital Research and Management, an asset manager that's a subsidiary of Delaware-based Capital Group, with a nearly 14% stake. A spokeswoman for Capital Group declined to comment on its TFI holdings.

Bédard said he is willing to revisit the domicile issue in about a year's time, noting further growth in Canada is limited and the U.S. represents the company's best opportunity. "We were probably too fast in the North American environment," he said.

Write to Paul Vieira at Paul.Vieira@wsj.com

By Paul Vieira

OTTAWA--TFI International Chief Executive Officer Alain Bédard said he scrapped, for now, plans to move the logistics company's headquarters from Montreal to the U.S. due to concerns from the company's big American shareholders.

In an interview, Bédard said some shareholders in the U.S. fretted that they would have to sell some of their holdings in TFI because they wouldn't qualify for international-focused funds. He didn't identify which asset managers.

Bédard said political tensions between Canada and the U.S., with President Trump threatening hefty tariffs on Canadian imports and making repeated calls for Canada to become the 51st state, played no role in reversing the decision.

"We don't play political games," Bédard said Wednesday. "I mean, we're truckers. We're simple people."

A week ago, as part of its fourth-quarter earnings release, TFI said it intended to pursue domiciliation in the U.S., arguing the bulk of its revenue is from the U.S. and a plurality of its shareholders are American. During an earnings call with analysts, he said moving to the U.S. would mark an evolution for the company, and "better align with our shareholder base and commercial presence."

Five days later, TFI said it would remain a Canadian corporation, adding it changed course after feedback from shareholders. Among the shareholders was the Caisse de Dépôt et Placement du Quebec, which said it wasn't informed about the trucking company's intentions. "Preserving Quebec's interests is always at the forefront of our priorities as a shareholder," a Caisse spokeswoman said.

Bédard said what TFI initially announced was the intention to look at moving the headquarters, and that would require board and shareholder approval. In addition to being CEO, Bédard is also board chairman, and owns about 5.5% of the company's outstanding shares, according to FactSet data.

"We were surprised to see the reaction in the sense that we just said, 'Okay, we're looking into that,'" Bédard said. "That doesn't mean it's a done deal. We never said we were doing it."

Bédard said some U.S. asset managers told him and Chief Financial Officer David Saperstein that they held the company's shares in international funds, or U.S. investment vehicles intended to hold solely foreign-owned companies.

"We were learning things that we were not aware of," Bédard said. Given the negative reaction to both the domicile news and its fourth-quarter earnings, which missed analyst expectations, Bédard said he decided "to eliminate" the headquarters move.

"We have some things to fix in our own company. It's a very difficult market for the last two and a half years, and we had a difficult fourth quarter," he said. "We have got so many other issues to fix. We're just going to go back to being Canadian for now."

Since the release of the fourth-quarter earnings and domicile plans shares of TFI lost 27% of their value, trading Wednesday at about 133 Canadian dollars ($92).

TFI's biggest shareholder is Capital Research and Management, an asset manager that's a subsidiary of Delaware-based Capital Group, with a nearly 14% stake. A spokeswoman for Capital Group declined to comment on its TFI holdings.

Bédard said he is willing to revisit the domicile issue in about a year's time, noting further growth in Canada is limited and the U.S. represents the company's best opportunity. "We were probably too fast in the North American environment," he said.

Write to Paul Vieira at paul.vieira@wsj.com

NEW YORK, NY / ACCESS Newswire / February 25, 2025 / Levi & Korsinsky notifies investors that it has commenced an investigation of TFI International Inc. ("TFI International Inc.") concerning possible violations of federal securities laws.

On February 20, 2025, TFI released its fourth quarter 2024 financial results, missing consensus estimates on both earnings per share and revenue. In a related earnings call that same day, TFI's President & Chief Executive Officer, Alain Bedard, reported that the Company is "losing the small and medium-sized . . . customers" and this "really accelerated in Q4." Bedard further compared the Company's efforts to control costs to "a dog chasing his tail."

Following this news, TFI's stock price fell over 20% on the same day. To obtain additional information, go to:

https://zlk.com/pslra-1/tfi-international-inc-lawsuit-submission-form?prid=132116&wire=1

or contact Joseph E. Levi, Esq.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

SOURCE: Levi & Korsinsky, LLP

View the original press release on ACCESS Newswire