SAN DIEGO, July 17, 2017 /PRNewswire/ -- Johnson & Weaver, LLP is investigating potential violations of the federal and state securities laws by Arconic Inc. (NYSE: ARNC) ("Arconic") and certain of its officers. A class action lawsuit against the Company has been filed on behalf of shareholders who purchased Arconic between November 4, 2013 and June 26, 2017, (the "Class Period").
The complaint alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding Arconic's business and operations, including that, contrary to defendants' representations that Reynobond PE was "a fully tested product, with building-code approvals throughout the world," Arconic was knowingly selling Reynobond PE for use in construction projects where the product was to be used in a manner that the Company knew was unsafe and presented a fire hazard
On June 14, 2017, a fire engulfed Grenfell Tower, a 24-story, 220-foot high residential tower block of public housing flats in North Kensington, West London. The Grenfell Tower fire resulted in at least 79 fatalities and over 70 injuries. On June 24, 2017, Reuters reported that Arconic employees knew Reynobond PE panels were being used on the Grenfell Tower, despite the warnings in Arconic's own sales brochures that such use was inappropriate and a fire hazard. The article cited email communications of Arconic's own personnel, dating back to 2014, questioning the use of the cheaper but more dangerous product on the Grenfell Tower project. Following the Reuters article, the prices of Arconic common and preferred stock declined.
If you purchased Arconic between November 4, 2013 and June 26, 2017 and wish to serve as a lead plaintiff, you must move the Court no later than September 11, 2017.
If you have held Arconic shares continuously before November 4, 2013, as a long-term shareholder, and you may have standing to hold Arconic harmless from the damage the officers and directors may have caused by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.
If you are an Arconic shareholder and are interested in learning more about your legal rights and remedies, please contact Jim Baker (email@example.com) at 619-814-4471. If you email, please include your phone number.
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SOURCE Johnson & Weaver, LLP