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The filed complaint alleges that Cleveland-Cliffs Inc. made materially false and/or misleading statements and/or failed to disclose that: Cleveland-Cliffs issued a press release on May 7, 2025, reporting its financial results for the first quarter of 2025. Among other items, Cleveland-Cliffs reported a larger than expected adjusted loss and an 11% year-over-year revenue decline to $4.63 billion. The Company also announced plans to fully or partially idle six steel plants. Cleveland-Cliffs’ Chief Executive Officer attributed the operational changes to negative effects from underperforming non-core assets and the lagging effect of lower index prices in late 2024 and early 2025, and said that the Company is repositioning its portfolio away from non-core markets, including rail, high-carbon sheet, and specialty plate products, and toward the automotive industry. Following this news, Cleveland-Cliffs’ stock price fell over 15% on May 8, 2025.
In order to be eligible to join the CLF class action lawsuit, you must have incurred a loss on shares of Cleveland-Cliffs Inc. purchased during the class period listed above.
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