LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of United States Steel Corporation (“US Steel” or the “Company”) (NYSE: X) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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.”
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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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
