Steel Dynamics, Inc Lawsuit

STLD

Steel Dynamics, Inc STLD Securities Stock Fraud

Company:	Steel Dynamics, Inc
Ticker Symbol:	STLD
Class Period:	Jan-29-09 to Mar-11-09
Date Filed:	Mar-16-09
Lead Plaintiff Deadline:	May-15-09
Court:	Northern District of Indiana
Allegations:

A class action lawsuit has been filed 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 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.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Steel Dynamics, Inc STLD Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Steel Dynamics, Inc securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation. Related Law Suits

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