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ARNC.US
id: 697

Arconic (ARNC) Investors $74M Settlement

The settlement funds have been distributed to claimants.
$74,000,000
Cash Settlement
W.D. Pennsylvania
Court
2:17- cv-01057
Case number
11/04/2013
Class period Start
06/27/2017
Class period End
08/21/2023
Claim deadline
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.
Case Type
US Securities Class Action
Case Status
Disbursed
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.18
Filing date
07/13/2017
Plaintiffs
Iron Workers Local 580 – Joint Funds, Ironworkers Locals 40, 361 & 417 – Union Security Funds, Janet L. Sullivan
Attorneys
Curtis V. Trinko LLP (New York, NY), Law Offices of Alfred G. Yates (Pittsburgh, PA), Pomerantz LLP (New York, NY), Robbins Geller Rudman & Dowd LLP (Melville, NY)
Defendants
Klaus Kleinfeld, Robert S. Collins, William F. Oplinger, Arthur D. Collins, Jr., Kathryn S. Fuller, Judith M. Gueron, Michael G. Morris, E. Stanley O’Neal, James W. Owens, Patricia F. Russo, Sir Martin Sorrell, Ratan N. Tata, Ernesto Zedillo
Judge
Hon. Mark R. Hornak
Administrator
A.B. Data Ltd
Court hearing date
08/09/2023
Exclusion deadline
07/19/2023
Objection deadline
07/19/2023
Hearing deadline
07/19/2023
Trades matching type
FIFO
Disbursement date
11/20/2024

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