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USX.US

id: 644

USX Investors $13M Settlement

The settlement funds have been distributed to claimants.

$13,000,000

Cash Settlement

E.D. Tennessee

Court

1:19-cv-00098-TRM-CHS

Case number

06/15/2018

Class period Start

03/08/2019

Class period End

08/16/2023

Claim deadline

U.S. Xpress Enterprises (USX) agreed to settle $13 million with investors.

The complaint alleged that the Offering Documents failed to disclose several things, including that a shortage of trucks had a negative impact on U.S. Xpress's dedicated division; certain shipping patterns were performing differently than expected, which negatively affected utilization, driver retention and hiring, and U.S. Xpress's dedicated accounts (including one large account); as a result, U.S. Xpress's OTR division was providing continued support to the dedicated division; U.S. Xpress failed to stay informed regarding two large liability events, resulting in the understatement of the company's insurance claim expense; and the cost per mile for driver wages and independent contractors was exceeding the company's internal expectations. This information was revealed in a law firm press release.

Case Type

US Securities Class Action

Case Status

Disbursed

Alleged Offence

Other

Suspected Party

Other

Security Type

Stocks

Trade Direction

Long

Filing date

03/08/2019

Plaintiffs

Lewis Stein, Deirdre Terry, Charles Clowdis, Bryan Robbins, SEPTA, and Linda Babbidge

Attorneys

Robbins Geller Rudman & Dowd LLP, Levi & Korsinsky, LLP

Defendants

Eric Fuller, Max Fuller, Eric Peterson, Jason Grear, Lisa Quinn Pate

Judge

Hon. Harry S Mattice, Jr

Administrator

Gilardi & Co LLC

Court hearing date

07/10/2023

Exclusion deadline

06/19/2023

Objection deadline

06/19/2023

Hearing deadline

06/19/2023

Trades matching type

FIFO

Disbursement date

08/26/2024

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