The law firm of Kirby McInerney LLP is investigating potential claims against United States Steel Corporation (“US Steel” or the “Company”) (NYSE: X). The investigation concerns whether US Steel and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
[Click here to learn more about the investigation]
On December 18, 2023, US Steel disclosed that it had entered 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, US Steel’s CEO sold $12 million worth of the Company’s stock at $49.87 to $50.17 per share, at the high, but $5.00 below the deal price of $55.00 per share.
Then, on March 13, 2024, reports emerged that the deal between US Steel and Nippon was subject to more than “customary” conditions, including National Security conditions. On this news, the price of US Steel shares declined by $5.98, or approximately 12.8%, from $46.78 on March 12, 2024, to close at $40.86 per share on March 13, 2024.
Then, on May 21, 2024, US Steel disclosed that the deal with Nippon is, indeed, subject to National Security conditions and not merely “customary conditions.”
If you purchased or otherwise acquired US Steel securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars.
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