#United States #New York #Securities Fraud #Pomerantz Law Firm #Arconic Corporation

Class Action Against Arconic Corporation

On March 3, 2025, Pomerantz LLP announced a class action lawsuit against Arconic Corporation, a company listed on NASDAQ under the ticker ARNC. This legal action has been triggered by claims that Arconic and some of its senior management failed to disclose critical information regarding offers to buy back the company's shares at a significantly higher price than the market value.

Background of the Case

Arconic, known for its manufacturing solutions in the aerospace and automotive sectors, is now facing serious allegations regarding securities fraud. The class action suit questions whether Arconic's officers engaged in unlawful business practices by concealing vital information from investors. Specifically, the lawsuit highlights that the company did not disclose a formal acquisition offer from Apollo Global Management, Inc., allowing them to repurchase their shares at decreased prices amidst this information gap.

Key Allegations

The lawsuit focuses on a critical period when Arconic initiated stock buyback programs, allegedly at prices lower than the substantial acquisition offer that had been made by Apollo. Investors assert that these actions ultimately misled them and kept the stock price artificially low. The Complaint affirms that Arconic had a legal obligation to disclose the acquisition offer or to stop trading its securities altogether.

On May 4, 2023, Arconic announced that it had reached an agreement with Apollo for an all-cash transaction at $30.00 per share. In an immediate response to the news, Arconic’s stock surged by 28.3%, from a closing price of $22.55 on May 3 to $28.93 on May 4. This stark increase underscores the potentially misleading nature of Arconic’s earlier silence about the acquisition offer.

Timeline and Important Deadlines

Investors who bought Arconic securities during the specified Class Period have until March 31, 2025, to apply to the Court to be named as the Lead Plaintiff for the class. Interested parties can reach out to Danielle Peyton at Pomerantz LLP for further assistance. They are advised to provide their contact information and details regarding their stock purchases to facilitate the process.

The Role of Pomerantz LLP

Pomerantz LLP is recognized in the realm of corporate law, specializing in class action lawsuits related to securities fraud and corporate misconduct. Founded by Abraham L. Pomerantz, who is often referred to as a pioneer in the field of securities class actions, the firm boasts more than 85 years of experience advocating for victims of corporate fraud and breach of fiduciary duties.

The firm has secured substantial damages for class members in past litigation, underpinning their commitment to protecting investor rights. For more information on how to join the class action or to obtain a copy of the Complaint, investors can visit the Pomerantz website at www.pomerantzlaw.com.

Conclusion

As the landscape of corporate governance faces increasing scrutiny, this case against Arconic Corporation illustrates the potential for serious repercussions when companies fail to maintain transparency. Investors who believe they have been affected by Arconic’s actions should act promptly to safeguard their interests in this ongoing legal battle.