NEW YORK, June 22, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of United States Steel Corporation (“U.S. Steel” or the “Company”) (NSYE: X). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether U.S. Steel and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On December 18, 2023, U.S. Steel disclosed entry into an agreement to be acquired by Nippon Steel Corporation (“Nippon”) in an all-cash transaction at $55.00 per share, subject to “customary” approvals and conditions. That same day, U.S. Steel’s Chief Executive Officer sold $12 million worth of the Company’s stock at prices between $49.87 and $50.17 per share, lower than the deal price of $55.00 per share.
Then, on March 13, 2024, reports emerged that the deal between U.S. Steel and Nippon was subject to more than “customary” conditions, including a national-security review by the Committee on Foreign Investment in the United States (“CIFUS”).
On this news, U.S. Steel’s stock price fell $5.98 per share, or 12.8%, to close at $40.86 per share on March 13, 2024.
On May 21, 2024, U.S. Steel confirmed that its acquisition by Nippon was indeed subject to CIFUS review.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
