PHILADELPHIA, March 16, 2009 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. commenced a class action lawsuit in the United States District Court, Northern District of Indiana, 09cv0066, on behalf of common stock purchasers of the Steel Dynamics, Inc. ("SDLD" or the "Company") (Nasdaq:STLD) between January 26, 2009 and March 11, 2009, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. The action is pending before the Honorable James T. Moody.
If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member.
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.
Plaintiff seeks to recover damages on behalf of all persons who purchased the common stock of STLD (Nasdaq:STLD) between January 26, 2009 and March 11, 2009, inclusive. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com