NEW YORK, Oct. 09, 2017 (GLOBE NEWSWIRE) — Pursuant to Court Order, Pomerantz LLP hereby advises investors of the filing of class action lawsuits against Arconic Inc. (“Arconic” or the “Company”) (NYSE:ARNC) (NYSE:ARNC-PB), certain of the Company’s current and former officers and directors, and underwriters of certain of the Company’s securities (collectively, “Defendants”). On August 11, 2017, a class action was filed in United States District Court, Western District of Pennsylvania, under style of Howard v. Arconic Inc. et al., and docketed under 2:17-cv-01057, on behalf of a class consisting of investors who purchased or otherwise acquired Arconic common or preferred stock between November 4, 2013 and June 26, 2017, both dates inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934 (the “Exchange Act”). On September 15, 2017, a class action was filed in United States District Court, Western District of Pennsylvania, under style of Sullivan v. Arconic Inc. et al., and docketed under 2:17-cv-01213, on behalf of a class consisting of investors who purchased or otherwise acquired Arconic Depositary Shares, each representing a 1/10 interest in a share of 5.375% Class B Mandatory Convertible Preferred Stock, Series 1, par value $1, liquidation preference $500 per share (“Class B Preferred Shares”), pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Arconic’s September 18, 2014 initial public stock offering (“IPO”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Act of 1933 (the “Securities Act”). Both of the foregoing actions are pending before United States District Judge Mark R. Hornak.
If you are a shareholder who purchased or otherwise acquired Arconic common or preferred stock during the Class Period and/or purchased or otherwise acquired Arconic Class B Preferred Shares pursuant and/or traceable to the September 18, 2014 IPO, you have until December 8, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. To discuss these actions, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Arconic Inc. is a global provider of lightweight multi-material solutions, focused on the aerospace market in addition to serving the automotive, industrial gas turbine, commercial transportation, and building and construction markets. The Company also provides titanium, aluminum, nickel-based alloy, and specialty alloy solutions. Arconic was established as a result of a spin-off of the mining and raw aluminum manufacturing operations of Alcoa, Inc. on November 1, 2016.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Arconic knowingly supplied its highly flammable Reynobond PE (polyethylene) cladding panels for use in construction; (ii) the foregoing conduct significantly increased the risk of property damage, injury and/or death in buildings constructed with Arconic’s Reynobond PE panels; and (iii) as a result of the foregoing, Arconic’s public statements were materially false and misleading at all relevant times.
On June 14, 2017, a fire broke out at the 24-story Grenfell Tower apartment block in London. The fire burned for roughly 60 hours, destroying the building and causing at least 80 deaths and over 70 injuries.
On June 24, 2017, The New York Times published an article entitled “Why Grenfell Tower Burned: Regulators Put Cost Before Safety”, describing the causes of the Grenfell Tower fire and attributing the rapid spread of the fire to highly flammable Reynobond PE cladding panels manufactured by Arconic and used in the building’s construction.
On that same day, Reuters published an article entitled “Arconic knowingly supplied flammable panels for use in tower: emails,” revealing that Arconic sales managers were aware that flammable panels would be distributed for use at Grenfell Tower.
On June 26, 2017, Arconic issued a press release announcing it would discontinue global sales of Reynobond PE for use in high-rise buildings after the material was suspected to have contributed to the spread of the deadly fire at the Grenfell Tower apartment complex in London.
On these disclosures, Arconic securities have fallen sharply in value, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby