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Robbins Geller Rudman & Dowd LLP Announces U.S. Xpress Enterprises, Inc. IPO Litigation

By: Robbins Geller Rudman & Dowd LLP via Business Wire

August 23, 2021 at 08:00 AM EDT

The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the U.S. Xpress Enterprises, Inc. IPO Litigation:

TO:

ALL PERSONS WHO PURCHASED OR ACQUIRED U.S. XPRESS ENTERPRISES, INC. CLASS A COMMON STOCK PURSUANT TO AND/OR TRACEABLE TO THE PUBLIC OFFERING THAT COMMENCED ON JUNE 14, 2018

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an order of the United States District Court for the Eastern District of Tennessee (referred to as the “District Court”), that you may be a member of a class action pending in the District Court.

The lawsuit captioned Stein v. U.S. Xpress Enterprises, Inc., et al., Case No. 1:19-cv-98, has been certified by the District Court as a class action; Deirdre Terry, Charles Clowdis and Bryan Robbins were appointed as representatives for the Class. The Class Representatives allege that, in connection with U.S. Xpress Enterprises, Inc.’s (“USX”) initial public offering (“IPO”) in June 2018, USX, certain of its senior executives and the underwriters of the IPO violated the Securities Act of 1933 by making false and misleading statements and omissions as to whether: (1) USX would expand its fleet in order to capitalize on the then-favorable trucking environment; (2) USX had a sufficient number of drivers to meet dedicated demand without cannibalizing the time of over-the-road drivers to the detriment of USX; and (3) USX was able to prioritize growth in dedicated contract services. Defendants deny all of the claims asserted in the action and deny any liability to any members of the Class.

At this time, Class Members are not required to take any action to remain in the Class. If any benefits are eventually obtained for the Class as a result of this lawsuit, eligible Class Members may be entitled to a payment.

Class Members may choose to exclude themselves from the Class. If you exclude yourself, you will not be entitled to a payment if any benefits are eventually obtained for the Class. If you do not exclude yourself, you will be bound by any judgment in this litigation, whether favorable or unfavorable. To remain a Class Member and eligible for a payment if any benefits are eventually obtained, you are not required to do anything at this time. To request exclusion, you must submit a request in writing that contains the information described in more detail in the full Notice of Pendency of Class Action that is available at www.USXSecuritiesLitigation.com or can be obtained by calling 1-877-216-9819. The deadline to exclude yourself is October 1, 2021.

For a full description of the litigation, including identification of Defendants and Class Counsel, and the allegations of securities fraud, as well as related District Court documents, please visit:

www.USXSecuritiesLitigation.com