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, Esq. at (484) 270-1453; or you may submit your information via email at firstname.lastname@example.org, or you may click here to print a PDF of this form.
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 US Steel’s directors, officers and underwriters, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all persons who purchased or otherwise acquired U.S. Steel securities between January 27, 2016 and April 25, 2017, both dates inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, Defendants 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 truth was 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. The Underwriter Defendants were also dismissed. On April 19, 2019, Plaintiffs filed a Motion for Class Certification. On December 31, 2019, the Court issued an Order granting the Motion for Class Certification. On October 21, 2021, Defendants filed a Motion for Class Decertification. As of December 13, 2021, the Motion is still being briefed by the parties. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; or via e-mail at email@example.com. 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.