LOS ANGELES, CA / ACCESSWIRE / June 20, 2017 / Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against United States Steel Corporation (“U.S. Steel” or the “Company”) (NYSE: X) regarding possible violations of federal securities laws between November 1, 2016 and April 25, 2017, inclusive (the “Class Period”). Investors, who purchased or otherwise acquired shares during the Class Period, should contact the firm prior to the July 3, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or e-mail him at [email protected].
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may choose to do nothing and be an absent class member as well.
According to the Complaint, during the Class Period, U.S. Steel issued materially false and/or misleading statements, and/or failed to disclose: that while the Company was implementing its Carnegie Way program, it focused on cutting costs and not making investments necessary to position itself so that it could respond to improved market conditions; that the Company’s 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 that U.S. Steel was forestalling expensive capital equipment upgrades in order to boost its 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. Upon the release of this news, U.S. Steel’s stock price declined materially, which caused investors harm according to the Complaint.
Lundin Law PC was founded by Brian Lundin, Esquire, a Securities Litigator based in Los Angeles devoted to upholding shareholders’ rights.
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SOURCE: Lundin Law PC