STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Pennsylvania on behalf of purchasers of United States Steel Corporation (NYSE: X) (“U.S. Steel” or the “Company”) securities during the period between November 1, 2016 and April 25, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until July 3, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in U.S. Steel securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company was not making investments necessary to position U.S. Steel so that it could respond to improved market conditions, U.S. Steel had higher production costs than its competitors, even in the face of improved pricing, which would negatively impact its financial results, and the Company was forestalling expensive capital equipment upgrades in order to boost the Company’s short term financial results at the expense of long-term financial performance.
According to the complaint, following an April 25, 2017 report of the Company’s abysmal financial results, the value of U.S. Steel shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in U.S. Steel securities purchased on or after November 1, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.