NEW YORK, March 11, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of U.S. Xpress Enterprises, Inc. ("U.S. Xpress" or the "Company") (NYSE: USX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether U.S. Xpress and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 1, 2018, U.S. Xpress issued a press release announcing the Company's financial and operating results for the third fiscal quarter and nine months ending September 30, 2018. Therein, and in a conference call discussing the results, U.S. Xpress disclosed how unusual shipping patterns were impacting its segments and how market challenges for drivers resulted in a year-to-year tractor count decrease. The Company and its executives further disclosed higher driver wages and independent contractor costs, lower than expected recruitment levels, and a higher insurance expense.
On this news, U.S. Xpress's stock price fell $3.04 per share, or nearly 30%, to close at $7.10 per share on November 2, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP