Lawsuit for Investors in Arconic. (ARNC-PB, ARNC-B) Depositary Shares Announced by Shareholders Foundation

SAN DIEGO, CA, October 23, 2017 (Newswire.com) - The Shareholders Foundation, Inc. announces that a lawsuit was filed for investors who purchased Arconic (NYSE: ARNC-PB, NYSE: ARNC-B) Depositary Shares, each representing a 1/10th interest in a share of 5.375% Class B Mandatory Convertible Preferred Stock, Series 1, par value $1 per share, liquidation preference $500 per share pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Arconic's September 18, 2014 initial public stock offering ("IPO").

Investors who purchased Arconic (ARNC-PB, ARNC-B) Depositary Shares, each representing a 1/10th interest in a share of 5.375% Class B Mandatory Convertible Preferred Stock, Series 1, par value $1 per share, liquidation preference $500 per share, have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.

The plaintiff alleges that Arconic, certain of its current and former officers and/or directors, and certain underwriters violated the Securities Act of 1933.

On or about July 11, 2014, Arconic filed with the SEC a Registration Statement on Form S-3, which would later be utilized for Arconic's September 18, 2014 IPO.

According to the complaint the plaintiff claims that the Registration Statement for Arconic's September 18, 2014 IPO was allegedly negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation.

More specifically, the plaintiff alleges that at the time of Arconic's September 18, 2014 IPO, Arconic had been knowingly selling its Reynobond PE panels for use on high-rise residential towers in the United Kingdom and other countries and allegedly knew that the product was being used in an inappropriate manner that could expose the Company to significant civil, regulatory and/or criminal liability. The plaintiff said that the uncertainty associated with these sales practices was reasonably likely to have a material impact on Arconic's profitability, and, therefore, was required to be disclosed in the Registration Statement for Arconic's September 18, 2014 IPO but was not.

On June 14, 2017, a fire broke out at the 24-story Grenfell Tower apartment block in London. The fire burned for roughly 60 hours, destroying the building and causing at least 80 deaths and over 70 injuries.

On June 24, 2017, an article was published entitled, "Why Grenfell Tower Burned: Regulators Put Cost Before Safety", describing the causes of the Grenfell Tower fire and attributing the rapid spread of the fire to highly flammable Reynobond PE cladding panels manufactured by Arconic and used in the building's construction. On that same day, an article was published entitled, "Arconic knowingly supplied flammable panels for use in tower: emails," revealing that Arconic sales managers were aware that flammable panels would be distributed for use at Grenfell Tower.

On June 26, 2017, Arconic Inc announced it would discontinue global sales of Reynobond PE for use in high-rise buildings after the material was suspected to have contributed to the spread of the deadly fire at the Grenfell Tower apartment complex in London.

Those who purchased Arconic (ARNC-PB, ARNC-B) Depositary Shares, each representing a 1/10th interest in a share of 5.375% Class B Mandatory Convertible Preferred Stock, Series 1, par value $1 per share, liquidation preference $500 per share should contact the Shareholders Foundation, Inc.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT:

Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108

SOURCE: Shareholders Foundation, Inc.

Source: Shareholders Foundation, Inc.