NEW YORK, May 08, 2017 (GLOBE NEWSWIRE) -- The Klein Law Firm announces that a class action complaint has been
filed on behalf of shareholders of United States Steel Corporation (NYSE:X) who purchased shares between November 1, 2016 and April 25, 2017. The action, which was filed in the United States District Court for the Western District of
Pennsylvania, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or
misleading statements and/or failed to disclose that (1) 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; (2) 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; (3) 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 (4) 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.
Shareholders have until July 3, 2017 to petition the court for lead plaintiff status. Your
ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class
member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph
Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sa/united-states-steel-corporation?wire=3.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein
represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT: Joseph Klein, Esq. Empire State Building 350 Fifth Avenue 59th Floor New York, NY 10118 Telephone: (212) 616-4899 Fax: (347) 558-9665 www.kleinstocklaw.com
