The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Tennessee on behalf of investors who purchased U.S. Xpress Enterprises, Inc. (NYSE: USX) shares pursuant and/or traceable to the initial public offering completed in June 2018.
The complaint alleges that the Offering Documents failed to disclose that: (1) a shortage of trucks was negatively impacting U.S. Xpress’s dedicated division; (2) (a) certain shipping patterns had been performing differently than expected and, as a result, (b) utilization, 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; (3) (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 (4) U.S. Xpress’s cost per mile for driver wages and independent contractors was exceeding the Company’s internal expectations.
If you purchased U.S. Xpress common stock pursuant to the IPO you have until May 10, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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