A lawsuit was filed on behalf of investors in U.S. Xpress Enterprises, Inc. (NYSE: USX) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 03/18/2019 -- An investor, who purchased shares of U.S. Xpress Enterprises, Inc. (NYSE: USX), filed a lawsuit over alleged violations of Federal Securities Laws by U.S. Xpress Enterprises, Inc. in connection with the initial public offering completed in June 2018.
Investors who purchased shares of U.S. Xpress Enterprises, Inc. (NYSE: USX) have certain options and for certain investors are short and strict deadlines running. Deadline: May 10, 2019. NYSE: USX investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Chattanooga, TN based U.S. Xpress Enterprises, Inc. operates as an asset-based truckload carrier providing services primarily in the United States. On November 1, 2018, after market hours, U.S. Xpress Enterprises, Inc. reported its third quarter 2018 financial results announcing that utilization in certain trucking divisions were adversely impacted as its over-the-road division was called upon to provide drivers to its dedicated division. The very next day, U.S. Xpress Enterprises, Inc. announced the appointment of a new Chief Operating Officer.
The plaintiff claims that the offering Documents failed to disclose that a shortage of trucks was negatively impacting U.S. Xpress's dedicated division, that (a) certain shipping patterns had been performing differently than expected and, as a result, (b) utilization and driver retention and hiring were being negatively affected, and as a result, (c) U.S. Xpress's dedicated accounts, including one large account, were being negatively impacted; and as a result, (d) U.S. Xpress's OTR division was providing continued support to the dedicated division, that (a) U.S. Xpress failed to stay informed regarding two large liability events; and as a result (b) U.S. Xpress's insurance claim expense was understated, and that U.S. Xpress's cost per mile for driver wages and independent contractors was exceeding the Company's internal expectations.
Those who purchased shares of U.S. Xpress Enterprises, Inc. (NYSE: USX) have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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