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ARNC.US
id: 697

Arconic (ARNC) Investors $74M Settlement

W.D. Pennsylvania
Court
2:17- cv-01057
Case number
04 Nov 2013
Class period Start
27 Jun 2017
Class period End
21 Aug 2023
Claim deadline
Arconic (ARNC) agreed to settle $74 million with Investors to avoid further litigation.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
  1. Arconic knowingly supplied its highly flammable Reynobond PE (polyethylene) cladding panels for use in construction;
  2. the foregoing conduct significantly increased the risk of property damage, injury and/or death in buildings constructed with Arconic’s Reynobond PE panels; and
  3. as a result of the foregoing, Arconic’s public statements were materially false and misleading at all relevant times.
Case Status
Accepting Late Claims
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.18
Filing date
13 July 2017
Plaintiffs
Iron Workers Local 580 – Joint Funds, Ironworkers Locals 40, 361 & 417 – Union Security Funds, Janet L. Sullivan
Attorneys
Curtis V. Trinko LLP (New York, NY), Law Offices of Alfred G. Yates (Pittsburgh, PA), Pomerantz LLP (New York, NY), Robbins Geller Rudman & Dowd LLP (Melville, NY)
Defendants
Klaus Kleinfeld, Robert S. Collins, William F. Oplinger, Arthur D. Collins, Jr., Kathryn S. Fuller, Judith M. Gueron, Michael G. Morris, E. Stanley O’Neal, James W. Owens, Patricia F. Russo, Sir Martin Sorrell, Ratan N. Tata, Ernesto Zedillo
Judge
Hon. Mark R. Hornak
Administrator
A.B. Data Ltd
Court hearing date
09 August 2023
Exclusion deadline
19 July 2023
Objection deadline
19 July 2023
Hearing deadline
19 July 2023
+$74,000,000
Cash Settlement Amount

Arconic Corp

Arconic Corporation manufactures and sells fabricated aluminum sheets, plates, extrusions, and architectural products and systems in the United States and internationally. It operates through three...

    Ticker
    ARNC.US
    ISIN
    US03966V1070
    CIK
    0001790982
    Sector
    Industrials
    Industry
    Metal Fabrication
    Country
    USA
    Address
    201 Isabella Street, Pittsburgh, PA, United States, 15212-5872