BERWYN, Pa., May 19, 2017 /PRNewswire/ -- RM LAW, P.C.
announces that a class action lawsuit has been filed on behalf of
all persons or entities that purchased United States Steel
Corporation (NYSE: X) ("U.S. Steel" or the "Company") on behalf of
purchasers of the Company's securities between November 1, 2016 and April
25, 2017, inclusive (the "Class Period").
U.S. Steel shareholders may, no later than July 3, 2017, move the Court for appointment as a
lead plaintiff of the Class. If you purchased shares of U.S.
Steel and would like to learn more about these claims or if you
wish to discuss these matters and have any questions concerning
this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844)
291-9299 or to sign up online, visit: www.maniskas.com/case/x.
U.S. Steel is an integrated steel producer of flat-rolled and
tubular products, with major production operations in North America and Europe. The shareholder class action complaint
alleges that U.S. Steel and certain of its senior executive
officers made materially false and misleading statements to
investors about the Company's outlook and expected financial
performance during the Class Period.
According to the complaint, during Fiscal 2016 U.S. Steel
represented to investors that it was transforming the Company
through "two phases of a focused execution on our stockholder value
creation strategy." Additionally, during the Class Period U.S.
Steel and certain senior executive officers made a series of
positive statements to investors about the Company's ability to
benefit from improving market conditions. For example, on
January 31, 2017, U.S. Steel's Chief
Executive Officer ("CEO") stated that the Company was "starting
2017 with much better market conditions" than it faced at the
beginning of 2016, and that U.S. Steel "will benefit from improved
market conditions."
Then, on April 25, 2017, U.S.
Steel announced disappointing First Quarter Fiscal 2017 financial
and operational results – despite improved market conditions.
Specifically, the Company reported a quarterly net loss of
$180 million (or ($1.03) per share), adjusted EBITDA of
$74 million, and negative operating
cash flow of $135 million. Also on
April 25, 2017, the Company
significantly reduced its net earning guidance from $535 million to $260
million for Fiscal 2017.
Following this news, shares of the Company's stock fell
$8.33 per share, or over 26.7%, to
close on April 26, 2017 at
$22.78 per share, on heavy trading
volume.
If you are a member of the class, you may, no later than
July 3, 2017, request that the Court
appoint you as lead plaintiff of the class. A lead plaintiff
is a representative party that acts on behalf of other class
members in directing the litigation. In order to be appointed
lead plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members, and that the
class member will adequately represent the class. Under
certain circumstances, one or more class members may together serve
as "lead plaintiff." Your ability to share in any recovery is
not, however, affected by the decision whether or not to serve as a
lead plaintiff. You may retain RM LAW, P.C. or other counsel
of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, P.C.
(Richard A. Maniskas, Esquire)
toll-free at (844) 291-9299 or by email at rm@maniskas.com or
visit: www.maniskas.com/case/x. For more information
about class action cases in general or to learn more about RM LAW,
P.C. please visit our website: www.maniskas.com.
RM LAW, P.C. is a national shareholder litigation firm. RM
LAW, P.C. is devoted to protecting the interests of individual and
institutional investors in shareholder actions in state and federal
courts nationwide.
CONTACT: RM LAW, P.C.
Richard A. Maniskas, Esquire
1055
Westlakes Dr., Ste. 3112
Berwyn, PA
19312
484-324-6800
844-291-9299
www.maniskas.com/case/x
rm@maniskas.com
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SOURCE RM LAW, P.C.