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Steel Dynamics Inc (NASDAQ: STLD) Investor Securities Class Action Lawsuit 03/16/2009

  • If you purchased shares of Steel Dynamics Inc (NASDAQ: STLD), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Steel Dynamics, Inc.
Security
NASDAQ: STLD

Case Name
Steel Dynamics Shareholder Class Action Lawsuit 03/16/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Indiana

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

December 21, 2009 - The court granted defendants' motions to dismiss.
August 31, 2009 - Defendants filed motions to dismiss.

July 13, 2009 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased Steel Dynamics Inc (NASDAQ: STDL) common shares between January 27, 2009 and March 11, 2009. The plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 27, 2009 and March 11, 2009.

May 27, 2009 - Lead plaintiffs and lead counsel were appointed.

May 15, 2009 - Lead plaintiff motion was filed.

March 16, 2009 - An investor in shares of Steel Dynamics Inc (NASDAQ: STLD) filed a lawsuit in the U.S. District Court for the District of Indiana on behalf of common stock purchasers of the Steel Dynamics Inc (NASDAQ: STLD) between January 26, 2009 and March 11, 2009, inclusive against Steel Dynamics Inc and certain of its officers and directors over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that Steel Dynamics Inc (NASDAQ: STLD) and certain of its officers and directors violated the federal securities laws by making false and misleading statements regarding Steel Dynamics Inc business and financial results.

The plaintiff accuses that the defendants failed to disclose, among other things, that demand for Steel Dynamics Inc's products showed continuing weakness in Q1 2009, Steel Dynamics Inc inventories in its Flat Roll Division were at excessive levels and were materially impaired by approximately $70 million, and that the defendant Bates engaged in unusual insider selling and realized proceeds of in excess of $30 million. When defendants disclosed the truth to the market on March 11, 2009, the price of Steel Dynamics Inc, common stock (NASDAQ: STLD) dropped 15% to close at $7.25, on volume of more than 33 million shares, so the lawsuit.

Steel Dynamics Inc is a steel producer and metals recycler. Steel Dynamics Inc has three segments: steel operations, steel fabrication operations, and metals recycling and ferrous resources operations. Steel Dynamics Inc was founded in 1993 and is headquartered in Fort Wayne, Indiana. Steel Dynamics Inc had a total revenue of $8.08Billion in 2008 and a net income of $463.39Million.