Qantas to Sell Jetstar Japan Stake as It Refocuses on Core Australian Operations 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
CK Hutchison Unit Launches Arbitration Against Panama Over Port Concessions Ruling 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Boeing Signals Progress on Delayed 777X Program With Planned April First Flight 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Elon Musk’s SpaceX Acquires xAI in Historic Deal Uniting Space and Artificial Intelligence 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
NEW YORK, Sept. 02, 2017 -- Pomerantz LLP announces that a class action lawsuit has been filed against Arconic, Inc. (“Arconic” or the “Company”) (NYSE:ARNC) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-05312, is on behalf of a class consisting of investors who purchased or otherwise acquired Arconic securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Arconic securities between February 28, 2017, and June 26, 2017, both dates inclusive, you have until September 11, 2017, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, 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.
[Click here to join this class action]
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 super alloy, and specialty alloy solutions.
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’s common share price fell $3.70, or 14.49%, to close at $21.84 on June 27, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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
CONTACT: Robert S. Willoughby Pomerantz LLP [email protected]
