A statement issued on 1 January asks investors to file “if you believe you have incurred losses”. No lawsuit has yet been filed.

The firm said after the industrial gas major announced it was in advanced negotiations with Yara International in relation to its flagship clean ammonia projects, its share price fell by almost 10%.

“On this news, Air Products’ stock price fell $24.64 per share, or 9.45%, to close at $236.05 per share on 8 December,” the statement said.

Pomerantz said its investigation concerns whether Air Products and “certain of its officers and/or directors” had “engaged in securities fraud or other unlawful business practices”.

New York law firm Bronstein, Gewirtz & Grossman is also investigating potential claims of violations of federal securities laws.

Securities fraud is a deceptive practice in financial markets where individuals or companies use false information, misrepresentation, or concealment of facts to mislead investors into making poor trading decisions for illegal personal or corporate gain, eroding market trust.

US plaintiff law firms routinely announce investigations following sharp share-price moves. Such notices are typically preliminary investor solicitations and do not imply that a lawsuit has been filed or that wrongdoing has been established.

H2 View has contacted Air Products for comment.

The Yara deal, announced on 8 December, would see the ammonia giant acquire the downstream ammonia synthesis, storage, and shipping elements of Air Products’ paused Louisiana blue hydrogen project.

Additionally, Yara could offtake green ammonia produced by the 2.2GW Neom green hydrogen project in Saudi Arabia and sell it on a commission basis.

Air Products management positioned the deal as a way to de-risk its involvement in large-scale clean hydrogen projects, after investors ousted the firm’s previous CEO for appearing to divert capital to high-cost, high-risk developments.