IRVINE, CA / ACCESSWIRE / June 19, 2017 / Khang & Khang LLP (the “Firm”) announces a securities class action lawsuit against United States Steel Corporation (“U.S. Steel” or the “Company”) (NYSE: X). Investors who purchased or otherwise acquired U.S. Steel shares between November 1, 2016 and April 25, 2017, inclusive (the “Class Period”), are encouraged to contact the Firm before July 3, 2017, the lead plaintiff motion deadline.
If you purchased U.S. Steel shares during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone at (949) 419-3834, or by e-mail at [email protected].
There has been no class certification in this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the Complaint, throughout 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 did not make 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, shares of U.S. Steel fell in value materially, which caused investors harm according to the Complaint.
If you wish to learn more about this lawsuit, or if you have any questions concerning this notice or your rights, please contact Joon M. Khang, Esquire, a prominent litigator for almost two decades, by telephone at (949) 419-3834, or by e-mail at [email protected].
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Joon M. Khang, Esq.
SOURCE: Khang & Khang LLP