Pomerantz LLP and Robbins Geller Rudman & Dowd LLP Announce a Notice of Pendency and Proposed Settlement of Class Action in Howard v. Arconic Inc., et al.

NEW YORK, May 30, 2023 /PRNewswire/ -- 

UNITED STATES DISTRICT COURT 
WESTERN DISTRICT OF PENNSYLVANIA

TO:  ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED (i) ARCONIC INC. ("ARCONIC" OR THE "COMPANY") SECURITIES BETWEEN NOVEMBER 4, 2013 AND JUNE 27, 2017, INCLUSIVE, INCLUDING FOR THE AVOIDANCE OF DOUBT, ARCONIC DEPOSITARY SHARES, AND (ii) ARCONIC 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, LIQUIDATING PREFERENCE $500 PER SHARE PURSUANT TO AND/OR TRACEABLE TO THE REGISTRATION STATEMENT AND PROSPECTUS ISSUED IN CONNECTION WITH ARCONIC'S SEPTEMBER 18, 2014 INITIAL PUBLIC PREFERRED STOCK OFFERING, AND ARE NOT OTHERWISE EXCLUDED FROM THE SETTLEMENT CLASS.

THIS NOTICE WAS AUTHORIZED BY THE COURT.  IT IS NOT A LAWYER SOLICITATION.  PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED that a hearing will be held on August 9, 2023, at 9:30 a.m., before Judge Mark R. Hornak, via videoconference, to determine whether: (1) the proposed settlement (the "Settlement") of the above-captioned action as set forth in the Stipulation of Settlement ("Stipulation")¹ for $74,000,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) for purposes of the proposed Settlement only, the Litigation should be certified as a class action on behalf of the Settlement Class; (3) the Judgment, as provided under the Stipulation, should be entered, among other things, dismissing the Litigation with prejudice; (4) to award Lead Counsel attorneys' fees and expenses out of the Settlement Fund (as defined in the Stipulation and referred to in the Notice of Pendency and Proposed Settlement of Class Action ("Notice"), which is discussed below) and to award Lead Plaintiffs reimbursement of their time and expenses in connection with their representation of the Settlement Class, and, if so, in what amounts; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate.

The Court has decided to conduct the Settlement Hearing via videoconference.  In order to determine whether the date and time of the Settlement Hearing have changed, it is important that you monitor the Court's docket and the Settlement website, www.ArconicSecuritiesSettlement.com.  Updates regarding the Settlement Hearing, including any changes to the date or time of the hearing, will be posted to the Settlement website, www.ArconicSecuritiesSettlement.com. 

IF YOU PURCHASED OR OTHERWISE ACQUIRED ARCONIC SECURITIES, INCLUDING ARCONIC DEPOSITARY SHARES BETWEEN NOVEMBER 4, 2013 AND JUNE 27, 2017, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.

To seek to share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form ("Proof of Claim") by mail (postmarked no later than August 21, 2023) or electronically (no later than August 21, 2023).  Your failure to submit your Proof of Claim by August 21, 2023 will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement.  If you are a Settlement Class Member and do not validly and timely request exclusion from the Settlement Class in accordance with the requirements set by the Court, you will be bound by the Settlement and any judgment and release entered in the Litigation, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

The Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), the Proof of Claim, the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice and the Notice), and other Settlement documents, may be accessed online at www.ArconicSecuritiesSettlement.com, or by writing to:

Arconic Securities Settlement
c/o A.B. Data, Ltd. 
P.O. Box 173091 
Milwaukee, WI  53217 
Telephone: 866-963-9979 
[email protected]

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Lead Counsel:

POMERANTZ LLP
Jeremy Lieberman
600 Third Avenue, 20th Floor
New York, NY  10016 
Telephone: 212-661-1100 
[email protected]

ROBBINS GELLER RUDMAN & DOWD LLP
Ellen Gusikoff Stewart 
655 West Broadway, Suite 1900 
San Diego, CA 92101 
Telephone: 800-449-4900 
[email protected]

IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS RECEIVED BY JULY 19, 2023, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.  ALL SETTLEMENT CLASS MEMBERS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, OR THE REQUEST BY LEAD COUNSEL FOR AN AWARD OF ATTORNEYS' FEES NOT TO EXCEED 33 1/3% OF THE $74,000,000 SETTLEMENT AMOUNT AND EXPENSES NOT TO EXCEED $975,000 AND AWARDS TO LEAD PLAINTIFFS NOT TO EXCEED $75,000 IN THE AGGREGATE IN CONNECTION WITH THEIR REPRESENTATION OF THE SETTLEMENT CLASS.  ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND DEFENDANTS' COUNSEL SO THAT THEY ARE RECEIVED BY JULY 19, 2023, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

¹  This Summary Notice incorporates by reference the definitions in the Stipulation of Settlement dated April 21, 2023 ("Stipulation"), which can be viewed and/or obtained at www.ArconicSecuritiesSettlement.com.  In the event any defined term herein or in the Notice conflicts with the defined term as used in the Stipulation, the Stipulation controls.

SOURCE Pomerantz LLP and Robbins Geller Rudman & Dowd LLP