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U.S. Steel Investor Class Certified in Securities Fraud Case

Jan. 2, 2020, 3:24 PM

A group of U.S. Steel Corp. investors who sued the company for securities fraud was certified as a class by a Pennsylvania federal court.

The investors sued the company in the U.S. District Court for the Western District of Pennsylvania on behalf of everyone who purchased U.S. Steel stock between November 2016 and April 2017. The group said U.S. Steel violated securities law by making false statements about its finances and artificially inflating its stock before reporting “abysmal results,” causing the investors to lose money when the stock lost value.

The court granted the group’s motion to certify their class ...