Update in the case: In re U. S. Steel Consolidated Cases, 2:17-cv-00579 (W.D. Penn.)
A settlement has been reached and was preliminarily approved on November 9, 2022. The settlement provides for the payment of $40 million to eligible class members. Lead plaintiff Christakis Vrakas alleged violations of §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 based on false and misleading misstatements that the company made that allegedly concealed from shareholders its decision to defer maintenance, repairs and capital spending on equipment which caused increasing unplanned outages and a reduction in production capacity.
The hearing on the Motion for Final Approval is scheduled for March 20, 2023.