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Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into United States Steel Corporation (NYSE:X).
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On April 25, 2017, the Company revealed shockingly dismal Q1 2017 financial results including a net loss of $180 million, or negative $1.03 per diluted share, a negative operating cash flow of $135 million and a reduced 2017 outlook, including a 35% reduction to 2017 EBITDA guidance and reduced earnings guidance of 50% (from $3.08 per share to $1.50), among other things. During the April 26, 2017 conference call discussing the results, CEO Mario Longhi stated that the Company would "be taking more downtime at our facilities [in 2017], which will limit our steel production volumes." This dismal performance occurred despite substantial improvement in the overall market and, as stated by Bloomberg, "choked earnings even as prices of the metal surged."
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Recently, multiple shareholder derivative lawsuits were also filed against the Company's current and former executives.
KSF's investigation is focusing on whether U.S. Steel's officers and/or directors breached their fiduciary duties to the Company's shareholders or otherwise violated state or federal laws.
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If you have information that would assist KSF in its investigation, or have been a long-term holder of U.S. Steel shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171027005075/en/
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.