A securities class action has been filed in the USDC – S.D.N.Y. against Arconic Corporation (ARNC) (“Arconic”or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired Arconic common stock between April 19, 2022, and May 3, 2023, both dates inclusive (the “Class Period”).
Defendant 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. On August 18, 2023, Apollo acquired Arconic and assumed Arconic’s obligations. Prior to that acquisition, Arconic common stock was listed and traded on the NYSE under the symbol “ARNC,” and Arconic was headquartered in Pittsburgh, PA and incorporated under the laws of the State of Delaware.
The Complaint alleges that Arconic and certain of its senior officers and directors 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, while at the same time repurchasing millions of shares of Arconic common stock through stock buyback programs at prices below the offer price. These failures to disclose material non-public information artificially deflated the price of Arconic common stock. Arconic had an obligation to either disclose that it had received a formal acquisition offer from Apollo Global Management, Inc. (“Apollo”) or abstain from trading in its own securities.
On May 4, 2023, during pre-market hours, 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.
If you purchased Arconic common stock during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.