PHILADELPHIA, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities class action lawsuit has been filed against Arconic Corporation (“Arconic” or the “Company”) (NYSE: ARNC) on behalf of sellers of Arconic securities between April 19, 2022 through May 3, 2023, inclusive (the “Class Period”).
Investor Deadline: Investors who sold ARCONIC securities during the Class Period may, no later than MARCH 31, 2025, seek to be appointed as a lead plaintiff representative of the class. To learn your rights, CLICK HERE.
Arconic, headquartered in Pittsburgh, was a provider of aluminum sheets and architectural products to the ground transportation, aerospace, building and construction, and industrial markets.
According to the suit, Arconic and its senior executives failed to disclose offers to purchase all of the outstanding shares of Arconic common stock at a material premium, far above the Company’s then-current stock price, and at the same time repurchased millions of Arconic shares at significantly below the offer price. These failures to disclose material non-public information kept the price of Arconic common stock artificially low. Arconic had an obligation to either disclose that it had received a formal acquisition offer from Apollo Global Management, Inc. or abstain from trading in its own securities.
From April 19, 2022 through the Company’s announcement that it had entered into an agreement to be acquired by Apollo at $30 per share, Arconic repurchased millions of Arconic shares at an average price of below $23 per share.
To learn your rights or for more information, CLICK HERE or please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
phamner@bm.net
