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Law firm to investigate US Steel after 'dismal performance' in Q1

U.S. Steel Corp. is under investigation by law firm Kahn Swick & Foti LLC over whether the officers and directors of the company breached their fiduciary duties to shareholders or otherwise violated state or federal laws, resulting in the US$180 million net loss for the first quarter.

The law firm said the company had a "dismal performance" even though the overall steel market improved, according to an Oct. 13 release.

The company and its executives were previously sued in a securities class-action lawsuit charging that they failing to disclose material information.

Multiple shareholder derivative lawsuits were also filed against the company's current and former executives, the law firm said.