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X.US
id: 482, Created by Stan Vick Chase, Scout
United States Steel Corporation Securities Litigation
Settled
27 January 2016
Class period Start25 April 2017
Class period End01 March 2023
Claim deadlineU. S. Steel (NASDAQ: X) agreed to pay up to $40 million to settle a securities class action lawsuit to avoid further litigation.
The Complaint alleged that U.S. Steel and its Leaders concealed from the investing public the following facts:
- 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;
- 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;
- 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
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Filing date
03 May 2017
Lead plaintiff
Christakis Vrakas, Leeann Reed
Attorney
Levi & Korsinsky (Stamford, CT), O'Kelly Ernst & Joyce, LLC (Wilmington, DE), Pribanic & Pribanic (Pittsburgh, PA)
Defendants
Mario Longhi, David B. Burritt, Dan Lesnak
Court
Western District of Pennsylvania
Judge
Hon. Cathy Bissoon
Administrator
A.B. Data Ltd
Court hearing date
20 March 2023
Exclusion deadline
20 February 2023
Objection deadline
20 February 2023
Hearing deadline
20 February 2023
+$40,000,000
Total Settlement Amount