United States Steel Corporation
0 DAYS LEFT TO SEEK LEAD PLAINTIFF STATUS
Case Summary | |
Company Name: | United States Steel Corporation |
Stock Symbol : | NYSE:X |
Class Period Start: | 11/01/2016 |
Class Period End: | 04/25/2017 |
Lead Plaintiff motion: | 07/03/2017 |
Date Filed: | 05/03/2017 |
Type of Case: | Securities Class Action |
Court: | U.S. District Court for the Western District of Pennsylvania |
Summary: | Thieler Law Corp advises investors with losses exceeding $100,000 of the July 3, 2017 lead plaintiff deadline in a class action lawsuit filed against United States Steel Corporation (NYSE:X) (“U.S. Steel” or “the Company”). The suit is pending in the U.S. District Court for the Western District of Pennsylvania and investors, who purchased United States Steel Corporation securities between November 1, 2016 and April 25, 2017, have until July 3, 2017 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class. If you purchased United States Steel Corporation securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class. The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that while the Company was implementing its Carnegie Way program, it was focused on cutting costs and was not making investments necessary to position U.S. Steel so that it could respond to improved market conditions; Defendants' failure to invest in improving capital assets during the industry downturn, in order to report apparent financial improvements, meant that U.S. Steel had higher production costs than its competitors, even in the face of improved pricing, which would negatively impact its financial results; and Defendants were forestalling expensive capital equipment upgrades in order to boost the Company's short-term financial results at the expense of long-term financial performance, leaving U.S. Steel in need of accelerated, costly equipment upgrades that would leave the Company years away from generating improved financial performance. On April 25, 2017, post-market, U.S. Steel revealed the Company's earnings for the first quarter of 2017, revealing a first quarter 2017 net loss of $180 million, or $1.03 per diluted share, which included a disparaging adjustment of $35 million, or $0.20 per diluted share, associated with a loss on the shutdown of certain tubular assets. Following this news, NYSE:X dropped $8.33, or 26.78%, to close at $22.78 on April 26, 2017. If you were negatively impacted by your investment in United States Steel Corporation securities between November 1, 2016 and April 25, 2017 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. Thieler Law Corp purchases advertisements on search engines, social media sites and other websites. If you send us information, note that does not create an attorney-client relationship with the firm. Thieler Law Corp 2534 State Street - Suite 406, San Diego, CA 92101 by email: mail@thielerlaw.com or telephone at +1 (619) 377 - 4324 or visit our website http://www.thielerlaw.com/ or Facsimile: +1 (619) 785 – 3185 |