Eddie Stobart Logistics said suspended trading in its shares and announced that Alex Laffey would stand down as chief executive as the company investigated a probe into an accounting error.
Six weeks ago the group revealed that following a review of its accounts, its earnings for previous year were £2m lower than previously reported.
"Pending clarification of the impact of these items, the group has applied to suspend trading of the company's ordinary shares on AIM, which will be effective from 7.30 am today (23 August)".
Eddie Stobart truck beside the Gloucester and Sharpness Canal, UK.
In a statement, the group said that following a review carried out in conjunction with its auditors in relation to the interim results, "the Board is applying a more prudent approach to revenue recognition, re-assessing the recoverability of certain receivables, as well as considering the appropriateness of certain provisions".
'Polypill' shown to reduce heart disease and strokes by one-third
A low-priced pill which contains four different drugs is effective in preventing heart disease and strokes , a study has claimed. The polypill led to large reductions in bad cholesterol but had only a slight effect on blood pressure, the study showed.
Bangladesh police kill 2 Rohingya men
Bangladesh and Myanmar had agreed to repatriate 3,540 Rohingya from three camps in Cox's Bazar district starting August 22. Mohammad Saber, a Rohingya refugee who escaped the mob, said locals had beaten refugees.
New Star Wars: The Rise Of Skywalker Footage Teases Rey's Dark Side
In the new footage, Rey and Kylo appear to be dueling on a downed ship in the ocean as waves crash around them. And while her role is new to audiences, she'll apparently be an old friend to Poe Dameron ( Oscar Isaac ).
Despite the irregularities, the company had assured that it expects to deliver its full-year results "in line with the Board's expectations", pointing out that its volumes have always been skewed towards the second half of the year.
It added that it would need to review its current dividend policy.
The financial review at Eddie Stobart by the new CFO Anoop Kang, found discrepancies that showed 2018 operating profits to have been overstated by about 4 percent.
Desreumaux joined iForce in 2018 and has more than 20 years' experience in the logistics sector, including time spent at Norbert Dentressangle, now part of XPO Logistics.
The news comes as a further blow to Neil Woodford, who is a major shareholder in the company with an estimated 23 per cent stake.