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The U.S. Securities and Exchange Commission (SEC) has announced charges against Pittsburgh-based Esmark Inc. and its founder, chairman, and former CEO, James Bouchard, for announcing a false tender offer to purchase U.S. Steel Corp. The SEC stated that Esmark and Bouchard lacked the financial means to back the bid. The announcement of the tender offer was made in August 2023, proposing a $35 per share plan to acquire U.S. Steel. As a result of the false claim, Esmark and Bouchard have settled the charges and agreed to pay a combined $600,000 in civil penalties.
Esmark and its founder would pay a combined $600,000 in civil penalties over a false tender offer to buy U.S. Steel, the SEC said. Esmark in August 2023 announced a $35 per share plan to buy U.S. Steel without having the necessary finances, it said https://t.co/xcLiyfuT6z https://t.co/80T3kIiJQW
The Securities and Exchange Commission has reached a settlement with Pittsburgh-based Esmark and its chairman for announcing a false tender offer to buy U.S. Steel. https://t.co/5SgKVKeiY4
SEC fines Esmark, chairman over false tender offer for US Steel https://t.co/TE3M0SecYG https://t.co/TqIMAjmC7N
