Case Page

 

Case Status:    DISMISSED    
On or around 12/22/2009 (Court's order of dismissal)

Filing Date: March 16, 2009

According to a press release dated March 16, 2009, the complaint charges STLD and certain of its officers and directors with violations of the federal securities laws by making false and misleading statements regarding the Company's business and financial results. Defendants failed to disclose that: a) demand for STLD's products showed continuing weakness in Q1 2009; b) STLD's inventories in its Flat Roll Division were at excessive levels and were materially impaired by approximately $70 million; c) given the continuing weakness in demand for STLD's products in Q1 2009, and in the absence of any existing facts to indicate or exhibit a reversal in that adverse trend, as well as the impaired value of inventories in STLD's Flat Roll Division, defendants lacked a reasonable basis in fact for their earnings guidance for Q1 2009; and d) 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 STLD's common stocked dropped 15% to close at $7.25, on volume of more than 33 million shares, many times the average trading day volume for STLD common stock.

On May 27, 2009, David Ross and David John Thomas were appointed as lead plaintiffs and the Court further approved the Law Offices of Bernard M. Gross, P.C., as lead counsel; Cohen & Malad, LLP, as liaison counsel; and Theisen Bowers & Associates, LLC, as local counsel. On July 13, 2009, the lead plaintiffs filed an Amended Class Action Complaint. On August 31, 2009, the defendants filed two motions to dismiss the Amended Class Action Complaint. On December 21, 2009, Judge Theresa L. Springmann granted the motion to dismiss the Amended Class Action Complaint.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Iron & Steel
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: STLD
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Indiana
DOCKET #: 09-CV-0066
JUDGE: Hon. Theresa L. Springmann
DATE FILED: 03/16/2009
CLASS PERIOD START: 01/26/2009
CLASS PERIOD END: 03/11/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen & Malad, LLP
    136 North Delaware - Suite 300, Cohen & Malad, LLP, IN 46204
    317.636.6481 317.636.2593 ·
  2. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
  3. Paskowitz & Associates
    60 East 42nd Street, 46th Floor, Paskowitz & Associates, NY 10165
    212.685.0969 212.685.2306 · classattorney@aol.com
  4. Roy Jacobs & Associates (New York)
    60 East 42nd Street, 46th Floor, Roy Jacobs & Associates (New York), NY 10165
    212.867.1156 212.867.1156 · jacobs@jacobsclasslaw.com
No Document Title Filing Date
COURT: N.D. Indiana
DOCKET #: 09-CV-0066
JUDGE: Hon. Theresa L. Springmann
DATE FILED: 07/13/2009
CLASS PERIOD START: 01/27/2009
CLASS PERIOD END: 03/11/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
No Document Title Filing Date