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U.S. Xpress Enterprises, Inc. (NYSE: USX) Investor Securities Class Action Lawsuit 03/11/2019

  • If you purchased shares of U.S. Xpress Enterprises, Inc. (NYSE: USX), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
U.S. Xpress Enterprises, Inc.
Security
NYSE: USX

Case Name
U.S. Xpress Enterprises Shareholder Class Action Lawsuit 03/11/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Tennessee

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Summary

June 30, 2020 - The court granted in part and denying in part the defendants' motion to dismiss.

December 23, 2019 - A motion to dismiss the amended complaint was filed.

October 8, 2019 - An amended complaint was filed.

March 8, 2019 - An investor in shares of U.S. Xpress Enterprises, Inc. (NYSE: USX) filed a lawsuit in the U.S. District Court for the Eastern District of Tennessee over alleged violations of Federal Securities Laws by U.S. Xpress Enterprises, Inc. in connection with certain allegedly false and misleading statements made in connection with the initial public offering completed in June 2018.

Chattanooga, TN based U.S. Xpress Enterprises, Inc. operates as an asset-based truckload carrier providing services primarily in the United States. U.S. Xpress Enterprises, Inc. went public in June 2018. U.S. Xpress Enterprises, Inc. reported that its annual Total Revenue rose from over $1.45 billion in 2016 to over $1.55 billion in 2017 and that its Net Loss declined from $16.52 million in 2016 to $4.06 million in 2017.

On November 1, 2018, after market hours, U.S. Xpress Enterprises, Inc. reported its third quarter 2018 financial results announcing that utilization in certain trucking divisions were adversely impacted as its over-the-road division was called upon to provide drivers to its dedicated division. The very next day, U.S. Xpress Enterprises, Inc. announced the appointment of a new Chief Operating Officer.

According to the complaint the plaintiff alleges on behalf of purchasers who purchased their U.S. Xpress Enterprises, Inc. (NYSE: USX) pursuant/and or traceable to the initial public offering completed in June 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the offering Documents failed to disclose that a shortage of trucks was negatively impacting U.S. Xpress’s dedicated division, that (a) certain shipping patterns had been performing differently than expected and, as a result, (b) utilization and driver retention and hiring were being negatively affected, and as a result, (c) U.S. Xpress’s dedicated accounts, including one large account, were being negatively impacted; and as a result, (d) U.S. Xpress’s OTR division was providing continued support to the dedicated division, that (a) U.S. Xpress failed to stay informed regarding two large liability events; and as a result (b) U.S. Xpress’s insurance claim expense was understated, and that U.S. Xpress’s cost per mile for driver wages and independent contractors was exceeding the Company’s internal expectations.