The Klein Law Firm Reminds Investors of a Class Action Filed on Behalf of United States Steel Corp. Shareholders & a Lead Pla...
June 06 2017 - 12:29PM
Business Wire
The Klein Law Firm announces that a class action complaint has
been filed on behalf of shareholders of United States Steel
Corporation (NYSE: X) who purchased shares between November 1, 2016 and April
25, 2017. The action, which was filed in the United States
District Court for the Western District of Pennsylvania, alleges
that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class
Period, defendants made materially false and/or misleading
statements and/or failed to disclose that (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.
Shareholders have until July 3, 2017 to petition the
court for lead plaintiff status. Your ability to share in any
recovery does not require that you serve as lead plaintiff. You may
choose to be an absent class member.
If you suffered a loss during the class period and wish to
obtain additional information, please contact Joseph Klein, Esq. by
telephone at 212-616-4899 or visit
http://www.kleinstocklaw.com/pslra-sa/united-states-steel-corporation?wire=2.
Joseph Klein, Esq. is an experienced attorney and has also
practiced as a Certified Public Accountant. Mr. Klein represents
investors and participates in securities litigations involving
financial fraud throughout the nation. Attorney advertising. Prior
results do not guarantee similar outcomes.
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version on businesswire.com: http://www.businesswire.com/news/home/20170606006346/en/
The Klein Law FirmJoseph Klein, Esq., 212-616-4899Fax:
347-558-9665www.kleinstocklaw.com
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