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  "documentTitle": "Forward Air Corporation (FWRD)",
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  "authorName": "Frederick DiSanto",
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  "presentationDate": "2021-02-16 00:00:00",
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  "notes": "The slide uses a table to contrast historical earnings release times with the 4Q20 release time to highlight an anomaly.",
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      "text": "Ancora is concerned that this may have potentially been an attempt to “juice” the stock ahead of the nomination deadline by providing an incomplete picture considering the financial metrics indicated a strong top-line performance, but no detail was offered regarding margins/earnings.",
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      "text": "1) Forward Air has never reported fourth quarter earnings results after the Stifel Transportation Conference... 2) Forward Air has never, to our knowledge, disclosed monthly tonnage / shipment / rev/cwt (ex-fuel) metrics via an 8-K prior to last week.",
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      "text": "Forward Air initially pre-announced 4Q20 results on February 3rd... Ancora is concerned that this may have potentially been an attempt to “juice” the stock ahead of the nomination deadline...",
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      "text": "This was followed by the Company providing a weak 1Q21 earnings outlook two days later on February 11th after the nomination window closed. Specifically, Forward Air waited until after the nominating deadline passed...",
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      "kind": "source-note",
      "text": "Source: Company Filings and FactSet. All times ET.",
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      "text": "Disingenuous Communication Ahead of the Nomination Deadline",
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      "text": "Forward Air Quarterly Earnings Announcement Details (2015-2020)",
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