An investigation on behalf of current long term investors in United States Steel Corporation (NYSE:X) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:X stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/23/2017 -- An investigation was announced for investors in NYSE:X shares over possible breaches of fiduciary duties by certain United States Steel directors.
Investors who are investors in United States Steel Corporation (NYSE:X) should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm for investors in NYSE:X stocks follows a lawsuit filed against United States Steel Corporation over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:X stocks, concerns whether certain United States Steel directors are liable in connection with the allegations made in that lawsuit. The plaintiff alleges that between November 1, 2016 and April 25, 2017 the true facts, which were known by defendants but concealed from the investing public were as follows: 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; (b) Defendants' 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; (c) Defendants were 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 (d) as a result of the foregoing, defendants' statements regarding the Company's outlook and expected financial performance were false and misleading and lacked a reasonable basis when made. The complaint alleges that as a result of defendants' false statements and material omissions, U.S. Steel stock traded at artificially inflated prices between November 1, 2016 and April 25, 2017, and that after the above revelations were revealed to the market, the price of U.S. Steel stock declined significantly as the artificial inflation was removed.
Those who purchased shares of United States Steel Corporation (NYSE:X) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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