NEW YORK, Feb. 20, 2025 (GLOBE NEWSWIRE) — The Gross Law Firm issues the following notice to shareholders of Arconic Corporation (NYSE: ARNC).
Shareholders who purchased shares of ARNC during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/arconic-corporation-loss-submission-form/?id=130579&from=3
CLASS PERIOD: This lawsuit is on behalf of a Class of all persons who sold publicly traded shares of Arconic common stock between April 19, 2022 and May 3, 2023, both dates inclusive.
ALLEGATIONS: According to the filed complaint, defendants made false and/or misleading statements and/or failed to disclose that defendants stated in Arconic’s quarterly and annual reports issued during the Class Period that Arconic’s share repurchase programs were “intended to comply with Rule 10b5-1,” which prohibits securities trading on the basis of material nonpublic information, and that all of Arconic’s share purchases “were made in compliance with Rule 10b-18,” which provides a safe harbor for share repurchases that meet certain criteria, but does not provide a safe harbor for insider trading or other violations of the federal securities laws. However, at the time those statements were made, Arconic had made share repurchases while in possession of material nonpublic information, and therefore Arconic’s share repurchase programs were not in compliance with Rule 10b5-1, and the share repurchases were not made in compliance with Rule 10b-18. Further, defendants stated that they were continuing with share repurchases. Inasmuch as the Company was restrained by law from buying back stock during active negotiations with Apollo, the defendants’ statements with respect to ongoing stock repurchases signaled to the market that there were no, and had been no, ongoing negotiations. Accordingly, when speaking about the stock repurchases, the defendants were obligated to disclose the whole truth – that they were in, or had been in, negotiations with Apollo.
DEADLINE: March 31, 2025 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/arconic-corporation-loss-submission-form/?id=130579&from=3
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of ARNC during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is March 31, 2025. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: [email protected]
Phone: (646) 453-8903
