NEW YORK, May 24, 2017 /PRNewswire/ -- Scott+Scott, Attorneys at Law, LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, announces that a securities class action lawsuit has been filed against 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. If you are a U.S. Steel shareholder, you are encouraged to contact Scott+Scott for more information.
U.S. Steel Corporation is an integrated steel producer that manufactures flat-rolled and tubular products in North America and Europe. The lawsuit 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.
On April 25, 2017, U.S. Steel announced disappointing first quarter 2017 financial and operational results – despite improved market conditions. Specifically, the Company reported a quarterly net loss of $180 million negative operating cash flow of $135 million. The Company also 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 at $22.78 on April 26, 2017.
What You Can Do
If you purchased or acquired shares of U.S Steel between November 1, 2016 and April 25, 2017 and you wish to discuss this lawsuit, or have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980 or at firstname.lastname@example.org. Shareholders have until July 3, 2017 to petition the court for lead plaintiff status.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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SOURCE Scott+Scott, Attorneys at Law, LLP