Werner Enterprises Inc 8-K, filed Jul 28, 2022
Werner Enterprises Inc (WERN)
8-K
2022-07-28
For: 2022-07-28
View Original
Added on
April 12, 2026
About this 8-K
Werner Enterprises Inc filed this 8-K on July 28, 2022.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| , | ||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
(402 ) 895-6640
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 8.01. OTHER EVENTS.
On July 28, 2022, Werner Enterprises, Inc. (the "Company") issued a press release announcing the recent $150 million settlement of a motor vehicle accident lawsuit in Texas which occurred in May 2020. A copy of the press release is attached hereto as Exhibit 99.1.
This settlement will be funded by the Company and its insurance companies. The Company's maximum liability for this accident is $10 million, and the Company has accrued an additional $9.5 million in insurance and claims expense in second quarter 2022 for the self-insured portion of this settlement.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
| 101 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). | |||||||
| 104 | The cover page from this Current Report on Form 8-K, formatted as Inline XBRL. | |||||||
The information contained in this Form 8-K, including the exhibit hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section 18, nor shall such information and exhibit deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), unless the registrant expressly states that such information and exhibit are to be considered “filed” under the Exchange Act or incorporates such information and exhibit by specific reference in an Exchange Act or Securities Act filing.
Forward-Looking Statements
This Current Report on Form 8-K, including the press release furnished as Exhibit 99.1 hereto, may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on information presently available to the registrant’s management and are current only as of the date made. Actual results could also differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in the registrant’s Annual Report on Form 10-K for the year ended December 31, 2021 and subsequently filed Quarterly Reports on Form 10-Q. For those reasons, undue reliance should not be placed on any forward-looking statement. The registrant assumes no duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management believes is warranted or as may be required by applicable securities law. Any such updates or revisions may be made by filing reports with the U.S. Securities and Exchange Commission, through the issuance of press releases or by other methods of public disclosure.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WERNER ENTERPRISES, INC. | |||||||||||
Date: July 28, 2022 | By: | /s/ John J. Steele | |||||||||
| John J. Steele | |||||||||||
| Executive Vice President, Treasurer and Chief Financial Officer | |||||||||||
Date: July 28, 2022 | By: | /s/ James L. Johnson | |||||||||
| James L. Johnson | |||||||||||
| Executive Vice President, Chief Accounting Officer and Corporate Secretary | |||||||||||
Exhibit 99.1
| Werner Enterprises, Inc. | Contact: | Nathan Meisgeier | ||||||
| 14507 Frontier Road P.O. Box 45308 | Executive Vice President and Chief Legal Officer | |||||||
| Omaha, NE 68145 | (402) 894-3193 | |||||||
FOR IMMEDIATE RELEASE
WERNER ENTERPRISES ANNOUNCES RECENT SETTLEMENT OF MOTOR VEHICLE ACCIDENT LAWSUIT
Werner Enterprises, Inc. (Nasdaq: WERN), one of the nation’s largest transportation and logistics companies, announced the recent $150M settlement of a motor vehicle accident lawsuit in Texas.
In May 2020, a passenger vehicle traveling on Interstate 30 near Sulphur Springs, Texas, stopped in the travel lane of the highway at approximately 5:00 a.m. Three adults walked away from the vehicle, leaving two children inside. Shortly thereafter, a Werner truck (traveling below the speed limit) struck the parked vehicle. The two children tragically died in the resulting collision. The investigating officers placed no fault on Werner or its driver, and one of the adults from the passenger vehicle was criminally charged in connection with the deaths of the children. The parents of the children subsequently filed a lawsuit against Werner and its driver. Out of respect for the family, Werner is not publicly disclosing the names of the individuals involved.
Werner disputes the plaintiffs’ allegations but chose to voluntarily resolve this matter by settlement. “The circumstances of this tragic accident were set in motion by the decision to park a vehicle on a highway in the lane of travel, as indicated in the investigating officer’s report,” said Werner’s Chief Legal Officer Nathan Meisgeier. “Nonetheless, corporate defendants are facing ‘nuclear verdicts’ in courtrooms across the country, including in Texas. Werner believes it prudent to resolve this case, to bring closure for the family affected by this tragic accident and to protect Werner, its employees, and its shareholders. Our sincere prayers and condolences remain with the family.” The settlement will be funded by Werner and its insurance companies.
“Werner’s company motto is ‘Nothing we do is worth getting hurt or hurting others,’ and we will continue to operate with our safety focus each and every day,” Meisgeier said.
About Werner Enterprises
Werner Enterprises, Inc. delivers superior truckload transportation and logistics services to customers across the United States, Mexico and Canada. With 2021 revenues of $2.7 billion, an industry-leading modern truck and trailer fleet, nearly 14,000 talented associates and our innovative Werner EDGE technology, we are an essential solutions provider for customers who value the integrity of their supply chain and require safe and exceptional on-time service. Werner provides Dedicated and One-Way Truckload services as well as Logistics services that include truckload brokerage, freight management, intermodal and final mile. As an industry leader, Werner is deeply committed to promoting sustainability and supporting diversity, equity and inclusion.
Werner Enterprises, Inc. - Release of July 28, 2022
Page 2
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on information presently available to the Company’s management and are current only as of the date made. Actual results could also differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and subsequently filed Quarterly Reports on Form 10-Q. For those reasons, undue reliance should not be placed on any forward-looking statement. The Company assumes no duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management believes is warranted or as may be required by applicable securities law. Any such updates or revisions may be made by filing reports with the U.S. Securities and Exchange Commission (“SEC”), through the issuance of press releases or by other methods of public disclosure.