LOS ANGELES, May 12, 2017 (GLOBE NEWSWIRE) -- Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against United States Steel Corporation (“U.S. Steel” or the “Company”) (NYSE:X) for violations of §10(b) and §20(a) of the Securities Exchange Act of 1934 and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder.
Investors who purchased the Company’s 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 are a shareholder who suffered a loss during the Class Period, click here to participate.
In addition, we encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.goldberglawpc.com/, or by email at info@goldberglawpc.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Complaint alleges that during the Class Period, U.S. Steel violated federal securities laws by making materially false and misleading public statements and/or failing to disclose material information about its outlook and expected financial performance. These false statements and material omissions kept the Company’s stock price trading at artificially inflated prices during the Class Period. On April 25, 2017, U.S. Steel reported a first quarter 2017 net loss of $180 million (or $1.03 per diluted share), which included an unfavorable adjustment of $35 million (or $0.20 per diluted share), associated with the loss on the shutdown of certain tubular assets. Following this news, U.S. Steel’s stock price dropped materially, which caused investors harm.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
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