BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of United States Steel Corporation (“US Steel” or the “Company”) (NYSE: X) investors concerning the Company’s possible violations of federal securities laws.
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, US Steel’s stock price fell $5.98, or 12.8%, to close at $40.86 per share on March 13, 2024, thereby injuring investors.
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 US Steel securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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