#United States #San Diego #Class Action #Robbins LLP #Arconic Corporation

Robbins LLP Alerts Stockholders of Arconic Class Action

Robbins LLP has informed stockholders of the Arconic Corporation (NYSE: ARNC) regarding a significant class action lawsuit. This legal action concerns all individuals who sold shares of Arconic's common stock between April 19, 2022, and May 3, 2023. As a company known for its innovative aluminum products, Arconic has been a vital player in markets such as aerospace, transportation, and construction.

Overview and Background

In August 2023, Apollo Global Management acquired Arconic, officially assuming the company’s financial responsibilities. However, before this acquisition, a troubling situation unfolded surrounding stock repurchases that are now the focus of this class action.

It is alleged that during the specified class period, Arconic's management failed to disclose a prior offer from Apollo to purchase the entirety of Arconic’s outstanding shares at a premium price ranging between $34 and $36. After rejecting this lucrative offer, Arconic proceeded to buy back its own shares at significantly lower prices, potentially disadvantaging shareholders unaware of the underlying offer.

Key Allegations

The complaint alleges key violations of fiduciary duty including:

1. Failure to Disclose: In April 2022, Apollo reportedly made a premium bid for Arconic shares, which was not disclosed to investors.
2. Share Repurchase Practices: Arconic continued to pursue share repurchases even after rejecting Apollo's initial offer and subsequent revised proposal of $30 per share on December 12, 2022. These repurchases were conducted at prices that were materially lower than both of Apollo's offers.
3. Impact of Acquisition Announcement: On May 4, 2023, following an acceptance of the $30 per share offer, Arconic announced the acquisition, causing a notable surge of 28.3% in its share price.

What Affects You

If you identify as a shareholder who sold Arconic shares during the mentioned period, you may be eligible to participate in this class action. Those interested in taking a proactive role in the lawsuit as lead plaintiff must file papers with the court by March 31, 2025. A lead plaintiff serves as a representative figure for all members of the class, guiding the litigation process.

It is crucial to note that participation in this class action is not a requirement for potential recovery; you can also choose to remain an absent class member. Should you prefer the latter, taking no action would not affect your eligibility for recovery stemming from the lawsuit.

No Upfront Costs

All legal representation in this matter will operate on a contingency fee basis, meaning shareholders will incur no upfront costs or fees related to this case. For further details or to express interest in participating, interested parties may reach out by submitting a form or contacting attorney Aaron Dumas, Jr. directly at (800) 350-6003.

About Robbins LLP

Founded in 2002, Robbins LLP has distinguished itself as a leader in shareholder rights litigation. The firm is dedicated to advocating for investors by aiding in the recovery of losses and enhancing corporate governance practices. For continuous updates about the Arconic lawsuit or other corporate governance matters, consider signing up for their Stock Watch alerts.

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Concluding Thoughts

The impending class action against Arconic Corporation sheds light on serious allegations tied to corporate governance failings that could affect many shareholders. It poses a critical reminder of the importance of transparency and fair treatment within financial markets.