NEW YORK--(BUSINESS WIRE)--Law Offices of Curtis V. Trinko announced that a class action has been commenced on behalf of purchasers of Arconic Inc. (“Arconic”) (NYSE:ARNC) preferred stock pursuant or traceable to the IPO of September 18, 2014. This action was filed in the Southern District of New York and is captioned Sullivan v. Arconic Inc., et al., No. 17-cv-05456.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from July 13, 2017. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Curtis V. Trinko.
The complaint alleges that defendants made false and misleading statements and/or failed to disclose adverse information regarding Arconic’s business and operations, including that, contrary to defendants’ representations that Reynobond PE was “a fully tested product, with building-code approvals throughout the world,” Arconic was knowingly selling Reynobond PE for use in construction projects where the product was to be used in a manner that the Company knew was unsafe and presented a fire hazard, and that Arconic’s marketing and sales of highly flammable Reynobond PE for use in high-rise tower projects across the United Kingdom and other countries directly conflicted with the purported strong culture of safety, ethics and legal compliance that the Company claimed to have, and exposed Arconic to hundreds of millions of dollars in potential civil and criminal liability and reputational harm. As a result of these false statements and/or omissions, Arconic preferred stock traded at artificially inflated prices.
On June 14, 2017, a fire engulfed Grenfell Tower, a 24-story, 220-foot high residential tower block of public housing flats in North Kensington, West London. The Grenfell Tower fire resulted in at least 80 fatalities and over 70 injuries. On June 24, 2017, Reuters reported that Arconic employees knew Reynobond PE panels were being used on the Grenfell Tower, despite the warnings in Arconic’s own sales brochures that such use was inappropriate and a fire hazard. In response to the Reuters article, the price of Arconic preferred stock declined precipitously.
Plaintiff seeks to recover damages on behalf of all purchasers of Arconic preferred stock pursuant or traceable to the Preferred Initial Public Offering of September 18, 2014.