NEW YORK, July 14, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Arconic Inc. (“Arconic” or the “Company”) (NYSE:ARNC) of the September 11, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Arconic stock or options between February 28, 2017 and June 26, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/ARNC. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Arconic securities between February 28, 2017 and June 26, 2017 (the “Class Period”). The case, Brave v. Arconic Inc. et al., No. 1:17-cv-05312 was filed on July 13, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Arconic knowingly supplied highly flammable cladding panels for use in construction; (2) supplying these panels would significantly increase the risk of property damage, injury and/or death in buildings constructed with them; and (3) as a result, Arconic’s public statements were materially false and misleading.
Specifically, on June 14, 2017, a fire broke out at the Grenfell Tower apartment block in London, destroying the building and resulting in at least 80 deaths. Then, on June 24, 2017, The New York Times published an article describing the causes of the Grenfell Tower fire, and claiming that flammable panels supplied by the Company contributed to the rapid spread of the fire. The same day, Reuters released an article revealing that certain Arconic sales managers knew that the Company’s flammable panels would be supplied for use at Grenfell Tower.
Finally, on June 26, 2017, the Company issued a press release announcing it would discontinue sales of its flammable panels for use in high-rise buildings following the deadly fire at Grenfell Tower.
After this series of disclosures, Arconic’s share price fell from a closing price of $25.54 per share on June 23, 2017 to a closing price of $21.84 on June 27, 2017—a $3.70 or a 14.49% drop, over two trading days.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Arconic’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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