NEW
YORK, Feb. 20, 2025 /PRNewswire/ -- 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=130536&from=4
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=130536&from=4
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: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm
