LOS ANGELES, May 09, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against U.S. Xpress Enterprises, Inc. (“U.S. Xpress” or “the Company”) (NYSE: USX) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's pursuant and/or traceable to the Company’s initial public offering completed in June 2018 (the “IPO” or the “Offering”), are encouraged to contact the firm before May 10, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. U.S. Xpress’s dedicated division was impacted negatively by a truck shortage. Dedicated accounts and driver retention were also negatively impacted by the performance of shipping patterns. The Company’s OTR division was forced to support its dedicated division based on these circumstances. The Company understated its insurance claim expenses due to two large liability events. Additionally, the Company’s cost per mile for driver wages and contractor costs exceeded customer estimates. Based on these facts, the Company’s public statements were false and materially misleading throughout the IPO period. When the market learned the truth about U.S. Xpress, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
Sherin Mahdavian, Esq.,
www.schallfirm.com
Office: 310-301-3335
Cell: 424-303-1964
info@schallfirm.com
SOURCE:
The Schall Law Firm