SAN DIEGO, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Robbins LLP reminds stockholders that a class action was filed on behalf of all persons who sold shares if Arconic Corporation (NYSE: ARNC) common stock between April 19, 2022 and May 3, 2023. Arconic was a publicly-traded provider of aluminum sheets, plates, and extrusions, as well as innovative architectural products, that advance the ground transportation, aerospace, building and construction, industrial, and packaging end markets. Apollo acquired Arconic and assumed Arconic’s obligations on August 18, 2023.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that Arconic Corporation (ARNC) Repurchased Shares With Knowledge of a Purchase Offer

According to the complaint, during the class period, defendants failed to disclose to investors that in April 2022 Apollo had made a premium offer of $34-$36 to purchase all the outstanding equity interest of Arconic in an all-cash transaction. After rejecting the offer, Arconic repurchased its shares in large quantities at prices significantly below Apollo's offer.

On December 12, 2022, Apollo submitted a revised proposal to acquire Arconic in an all-cash transaction at a price of $30.00 per share. Plaintiff alleges that Arconic continued to engage in share repurchases at prices materially below Apollo's offer.

The complaint alleges that on May 4, 2023, Arconic announced that it had entered into an agreement to be acquired by Apollo in an all-cash transaction at $30.00 per share. In response, the price of Arconic common stock increased $6.38 per share, or 28.3%, from a closing price on May 3, 2023 of $22.55 per share to a closing price on May 4, 2023 of $28.93 per share.

What Now: You may be eligible to participate in the class action against Arconic Corporation. Shareholders who want to serve as lead plaintiff for the class must file papers with the court by March 31, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.

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