Activists Claim 'Substandard' Results, 'Disingenuous' Disclosure By Forward Air The activist investor group seeking changes at asset-light trucking and logistics company Forward Air (NASDAQ: FWRD ) issued another letter to shareholders Tuesday. The group provided its summary on Forward's fourth-quarter earnings results as well as a rebuttal to Forward's take on the recent dialogue between the two parties. The group, which is led by Ancora Advisors and includes Forward founder Scott Niswonger and former CFO Andy Clarke, said it remains "highly disappointed by the operating performance at Forward Air as recent results and guidance continue to underwhelm." The group also called into question the timing of Forward's earnings announcement, suggesting that it delayed reporting until after the period for nominating directors to the board had passed. Ancora wants changes made to Forward's capital allocation strategy as well as changes to the management team and board. The group announced Wednesday that it nominated four candidates for election to the board after talks between the two parties failed to produce an agreeable solution.