CONTACT KTMC

Investor Class Action Filed Against United States Steel Corporation for Securities Fraud Violations
Company Name: United States Steel Corporation
Court: United States District Court for the Western District of Pennsylvania
Case Number: 17-cv-00579
Judge: The Hon. Cathy Bissoon
Class period: Between January 27, 2016 and April 25, 2017
Security Type: Securities

Case Background:

On May 3, 2017, the initial complaint in this securities class action was filed against United States Steel Corporation (“U.S. Steel” or the “Company”), and certain of U.S. Steels’s directors, officers and underwriters, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.  

The complaint alleges that during the class period, U.S. Steel made materially false and misleading statements regarding its outlook and expected financial performance. The complaint alleges that the true facts, which were known by defendants but concealed from the investing public during the Class Period, were as follows: (1) 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; (2) 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; (3) 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; and (4) as a result of the foregoing, defendants' statements regarding the Company's outlook and expected financial performance were false and misleading and lacked a reasonable basis when made. The complaint alleges that as a result of defendants' false statements and material omissions, U.S. Steel stock traded at artificially inflated prices during the class period, and that after the above revelations were revealed to the market, the price of U.S. Steel stock declined significantly as the artificial inflation was removed.

Current Status of Case:

On March 18, 2018, the Court issued an Order dismissing two counts from Plaintiffs’ Amended Complaint and the underwriter defendants were also dismissed.   On December 31, 2019, the Court issued an Order granting the Motion for Class Certification and certified a Class consisting of all persons who purchased or otherwise acquired U.S. Steel securities between January 27, 2016 and April 25, 2017.
Current Status of Case:

The parties are currently conducting discovery and are currently briefing several discovery disputes before the Court. This action remains ongoing. 

If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-844-887-9500 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com

Please complete this form and list your purchase and sale transaction(s) for United States Steel Corporation ("U.S.
Steel") (NYSE: X) securities between January 27, 2016 and April 25, 2017, both dates inclusive (the "Class Period"):

You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 844.887.9500, or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.

* Denotes required field
 
 
 
 
 
 
# of Shares
Price per Share
 
 
 
Principal Amount
Amount Paid
Series or CUSIP
 
 
 
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of United States Steel Corporation (2017) prior to the Class Period?
Are you a current or former employee of United States Steel Corporation (2017)?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
I agree to the KTMC
disclaimer
I would like to receive
new case alerts by email