US Xpress Enterprises Inc. agreed to pay $13 million to end a class action alleging the trucking company misled investors during and after its 2018 initial public offering.
The Tennessee-based company allegedly failed to tell investors about numerous staffing and demand problems, inflating the stock for five months until USX revealed the truth and share prices fell nearly 30%.
The defendants, which include USX and its IPO underwriters, continue to deny wrongdoing, according to the unopposed motion for preliminary settlement approval filed Monday. The underwriters, which include Morgan Stanley & Co. and J.P. Morgan Securities LLC, would not have to ...
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