Arconic Inc (NYSE:ARNC) B Preferred Shares Investor Securities Class Action Lawsuit 10/09/2017

If you purchased Arconic Inc (NYSE:ARNC) 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 certain options and for certain investors are short and strict deadlines running. Deadline: December 8, 2017. Arconic Class B Preferred Shares investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Arconic
Case Name: 
Arconic B Preferred Shares Shareholder Securities Class Action Lawsuit 10/09/2017
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: ARNC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/09/2017
Class Period Begin: 
09/18/2014
Class Period End: 
10/09/2017
Court of Filing: 
U.S. District Court for the Western District of Pennsylvania
Deadline To File for Lead: 
12/08/2017
Summary: 

An investor in Class B Preferred shares of Arconic Inc (NYSE:ARNC) filed a lawsuit in the U.S. District Court for the Western District of Pennsylvania over alleged violations of Federal Securities Laws by Arconic Inc (NYSE:ARNC in connection with certain allegedly false and misleading statements in connection with Arconic’s Class B Preferred Shares September 18, 2014 initial public stock offering (“IPO”)

According to the complaint the plaintiff alleges on behalf of investors who purchased or otherwise acquired Arconic Inc (NYSE:ARNC) 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 (âClass B Preferred Sharesâ), pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Arconic’s September 18, 2014 IPO, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the 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 Arconicâs Reynobond PE panels; and (iii) as a result of the foregoing, Arconicâs public statements were materially false and misleading at all relevant times.
On July 13, 2017 a lawsuit was filed for investors who purchased Arconic Inc (NYSE:ARNC) common shares between February 28, 2017, and June 26, 2017. The plaintiff claims that between February 28, 2017, and June 26, 2017 the Defendants made false and/or misleading statements and/or failed to disclose thatArconic knowingly supplied its highly flammable Reynobond PE (polyethylene) cladding panels for use in construction, that the foregoing conduct significantly increased the risk of property damage, injury and/or death in buildings constructed with Arconic’s Reynobond PE panels, and that 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, an article was published 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, an article was published 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 Inc announced 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.