Case Summary
Arconic
NYSE: ARNC
Case Details
- Charter Township of Shelby Police & Fire Pension & Retirement System v. Arconic Corporation et al.
- Class Period:April 19, 2022 - May 3, 2023
- Date Filed:January 29, 2025
- Jurisdiction:U.S. District Court, Southern District of New York
- Docket Number: 1:25-cv-00863
- Lead Plaintiff Deadline: March 31, 2025
Seek Plaintiff 51
Overview
A class action lawsuit has been filed against Arconic Corporation (“Arconic” or the “Company”) and certain of the Company’s former senior executive officers alleging violations of the federal securities laws. The Company’s common stock trades in an efficient market on the New York Stock Exchange under the ticker symbol “ARNC.” [SC1]
The Arconic class action lawsuit is brought on behalf of all persons and entities who sold publicly traded shares of Arconic common stock between April 19, 2022, and May 3, 2023, both dates inclusive (the “Class Period”). Investors have until March 31, 2025, to seek appointment as lead plaintiff in the Arconic class action lawsuit.
Arconic was a publicly-traded provider of aluminum sheets, plates, and extrusions, as well as innovative architectural products, that advanced 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.
In April 2022, Apollo Global Management approached Arconic with an offer to acquire all outstanding stock at a premium price of $34 to $36 per share, significantly above Arconic’s then-market price of $27.23 per share. Arconic rejected the offer, seeking a higher bid. Apollo, later joined by Irenic Capital Management, continued discussions with Arconic throughout 2022, but no formal new offer was submitted. Despite being aware of this undisclosed acquisition interest, Arconic repurchased over 4.3 million shares of its common stock between June and August 2022 at an average price of $28.21 per share, significantly below Apollo’s initial offer.
In November 2022, Apollo expressed renewed interest, and in December 2022, it submitted a formal offer at $30 per share. Arconic continued share repurchases at even lower prices, acquiring over 2.1 million shares at an average of $22.32 per share. On February 28, 2023, a Wall Street Journal report revealed Apollo’s acquisition bid, causing Arconic’s stock price to surge 21.5%. Arconic publicly confirmed the $30 per share deal with Apollo on May 4, 2023, further boosting its stock price by 28.3%.
Throughout the ten-month period, Arconic never disclosed Apollo’s acquisition interest while repurchasing nearly 6.5 million shares at prices well below Apollo’s offers. These actions artificially deflated stock prices and allowed Arconic to buy back shares under misleading circumstances. The complaint alleges that Arconic’s failure to disclose material nonpublic information violated federal securities laws.
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If you sold publicly traded shares of Arconic common stock between April 19, 2022, and May 3, 2023, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page.
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected].
The deadline to apply to the Court to serve as lead plaintiff in the Arconic class action lawsuit is March 31, 2025.