Arconic Inc.
Company Name | Arconic Inc. |
Stock Symbol | ARNC |
Class Period | November 04, 2013 to June 23, 2017 |
Lead Plaintiff Motion Deadline | September 11, 2017 |
On June 24, 2017, Reuters reported that Arconic supplied flammable panels for use in the Grenfell Tower in London, where 79 people died in a blaze. Reuters also reported that Arconic knew the panels would be used at Grenfell Tower, but that Arconic claimed it was not the Company’s role to decide what was compliant with local building regulations.
On this news, the Company’s stock price fell more than 6% during intraday trading on June 26, 2017, thereby injuring investors.
The complaint alleges that throughout the Class Period, defendants made false and 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
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