Arconic (ARNC) Investors $74M Settlement

Arconic (ARNC) agreed to settle $74 million with Investors to avoid further litigation.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:

1. Arconic knowingly supplied its highly flammable Reynobond PE (polyethylene) cladding panels for use in construction;

2. the foregoing conduct significantly increased the risk of property damage, injury and/or death in buildings constructed with Arconic’s Reynobond PE panels; and

3. as a result of the foregoing, Arconic’s public statements were materially false and misleading at all relevant times.