Welcome to the USXpress Securities Litigation Website
This website has been established to provide general information related to the proposed settlement of the case known as Stein v. U.S. Xpress Enterprises, Inc., et al., Civil Action No. 1:19-cv-00098-TRM-CHS, pending before the United States District Court for the Eastern District of Tennessee, Chattanooga Division (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated March 27, 2023, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected if you purchased or otherwise acquired U.S. Xpress Enterprises, Inc. ("USXpress") Class A common stock pursuant to and/or traceable to the public offering that commenced on June 14, 2018.
The law firms of Robbins Geller Rudman & Dowd LLP and Levi & Korsinsky, LLP represent you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.
WHAT IS THIS LAWSUIT ABOUT?
As more fully described in the Notice of Proposed Settlement of Class Action (the "Notice"), the initial complaint in this Action was filed on April 2, 2019. On October 8, 2019, Lead Plaintiff, joined by additional plaintiffs Charles Clowdis and Bryan K. Robbins, filed the operative Complaint, alleging violations of §§11 and 15 of the Securities Act of 1933 and §§10(b) and 20(a) of the Securities Exchange Act of 1934.
On November 16, 2021, the Plaintiffs and USXpress Defendants participated in a voluntary confidential mediation with an experienced mediator, David M. Murphy, Esq. of Phillips ADR. Plaintiffs and USXpress Defendants engaged in good faith negotiations, but did not reach a settlement. Following the mediation and while continuing to litigate the case, Plaintiffs and USXpress Defendants continued settlement discussions through Mr. Murphy. On December 15, 2022, on the eve of the deadline to file summary judgment motions, Plaintiffs and USXpress Defendants agreed to settle the Litigation in return for a cash payment of $13,000,000.00 for the benefit of the Class, subject to the negotiation of the terms of a Stipulation of Settlement and approval by the Court. The Stipulation of Settlement (together with the exhibits thereto) reflects the final and binding agreement among the Settling Parties.
WHAT DOES THE SETTLEMENT PROVIDE?
The Settlement, if approved, will result in the creation of a cash settlement fund of $13,000,000 (the “Settlement Amount”). The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of the Notice and all costs associated with the administration of the Settlement, as well as any attorneys’ fees and expenses that may be approved by the Court (the “Net Settlement Fund”), will be distributed to eligible Class Members pursuant to the Plan of Allocation that is described in the Notice.
ADDITIONAL INFORMATION
Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. 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.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
| SUBMIT A CLAIM FORM |
The only way to be eligible to receive a payment from the Settlement. Proof of Claim forms must be postmarked or submitted online on or before August 16, 2023. |
| EXCLUDE YOURSELF FROM THE CLASS |
Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims being resolved by this Settlement. Should you elect to exclude yourself from the Class, you should understand that Defendants and the other Released Defendant Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose. Exclusions must be postmarked on or before June 19, 2023. If you excluded yourself in response to the prior notice in 2021, do not do so again. |
| OBJECT |
Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. You will still be a Member of the Class. Objections must be received on or before June 19, 2023. If you submit a written objection, you may (but do not have to) attend the hearing. |
| GO TO THE HEARING ON JULY 10, 2023 |
Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before June 19, 2023. |
| DO NOTHING |
Receive no payment. You will, however, still be a Member of the Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Defendant Parties about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation. |
IMPORTANT DATES AND DEADLINES
| Submit Proof of Claim: |
August 16, 2023 |
| Request Exclusion: |
June 19, 2023 |
| File Objection: |
June 19, 2023 |
| File Notice of Intention to Appear: |
June 19, 2023 |
| Settlement Hearing: |
July 10, 2023, at 3:00 p.m. |