NEW YORK, Feb. 7, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Algoma Steel Group Inc. ("Algoma" or the "Company") (NASDAQ: ASTL). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Algoma and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 20, 2024, Algoma issued a press release "announc[ing] that in the early hours of Saturday, January 20, 2024 there was a collapse of a structure supporting utilities piping at our coke-making plant", which "resulted in a coke oven gas main failure generating abnormal coke oven gas flaring and air emissions. Additionally, a quantity of effluent left our site early this morning and entered the adjacent waterway. The source of the discharge has been identified and containment efforts are underway."
On this news, Algoma's stock price fell $0.40 per share, or 4.41%, to close at $8.67 per share on January 22, 2024.
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 billions of dollars in 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
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SOURCE Pomerantz LLP
