USX Securities Litigation
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This website has been established to provide general information related to the USX Securities Litigation.

This is a securities class action brought by Class Representatives Deidre Terry, Charles Clowdis and Bryan Robbins (collectively, "Class Representatives") alleging violations of the Securities Act of 1933 (the "Securities Act") against U.S. Xpress Enterprises, Inc. ("USX") and current or former senior executives Eric Fuller, Max Fuller, Eric Peterson, Jason Grear and Lisa Quinn Pate (collectively, “Defendants”) relating to the Registration Statements and Prospectus (the "Offering Documents") filed with the U.S. Securities and Exchange Commission in connection with the public offering of Class A common stock that commenced on June 14, 2018 (the "Offering").    

The case is presently pending in the United States District Court for the Eastern District of Tennessee (the "District Court") before the Honorable Travis R. McDonough.

On February 12, 2021, the District Court certified claims in this lawsuit for class action treatment to be pursued by Class Representatives on behalf of all persons and entities who purchased or otherwise acquired USX Class A common stock pursuant and/or traceable to the Offering and suffered loss as a result of Defendants' alleged violations of Sections 11 and 15 of the Securities Act.  Excluded from the Class are: Defendants and their immediate families, the officers and directors and affiliates of Defendants, at all relevant times, members of their immediate families and their legal representatives, heirs, successors or assigns, and any entity in which Defendants have or had a controlling interest.  

If you purchased or acquired USX Class A common stock pursuant and/or traceable to the Offering, you may be a Class Member.  If so, this lawsuit will affect your legal rights to sue Defendants now and in the future. 

Background and Description of the Litigation

This litigation is a securities class action alleging violations of Sections 11 and 15 of the Securities Act brought against Defendants.  The Complaint for Violation of the Federal Securities Laws (the "Complaint") was filed on October 8, 2019.  Defendants moved to dismiss the Complaint, and the District Court partially granted and partially denied that motion on June 30, 2020.  The District Court found that the Class Representatives sufficiently alleged misrepresentations and omissions in the Offering Documents concerning whether: (1) USX would be able to 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 deidcated contract services.  

The remaining issues in this action include whether the Offering Documents: (i) contained materially false and misleading statements of fact or omissions; (ii) the application of the statutory calculation of damages; (iii) whether investor damages should be offet and, if so, to what extent; and (iv) whether Defendants may maintain any affirmative defenses from liability.  Defendants deny all of the claims in the action and deny any liability to any members of the Class.  

The District Court has not ruled on the merits of the Class Representatives' claims or Defendants' defenses.  The litigation remains ongoing. 

Please note that the District Court’s order certifying the Class may later be changed after the parties exchange evidence and the District Court rules on various legal matters. Unless the District Court rescinds its order certifying the Class, all orders of this District Court, whether favorable or not to the Class, will be binding on any Class Members who do not opt out or exclude themselves from the Class. This includes any judgments entered by the District Court, whether or not favorable to the Class, which will be binding on all Class Members who do not exclude themselves.

Additional Information

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Pendency of Class Action (the "Notice") which can be found and downloaded on the Case Documents page of this website. We recommend that you read the Notice and other relevant case documents carefully. You may also wish to read the answers to Frequently Asked Questions provided on this website. If you have not received a Notice and would like to confirm that you are on the mailing list for further notice mailings in this matter, please contact the Notice Administrator and request that a Notice be sent to you at your current mailing address.

Important Dates and Deadlines

Request Exclusion  October 1, 2021