Lawsuit filed for Investors who SOLD shares of Arconic Corporation (NYSE: ARNC)

An investor, who purchased shares of Arconic Corporation (NYSE: ARNC), filed a lawsuit over alleged violations of Federal Securities Laws by Arconic Corporation in connection with certain allegedly false and misleading statements.

Investors who sold publicly traded shares of Arconic Corporation (NYSE: ARNC) common stock between April 19, 2022 and May 3, 2023 have certain options and for certain investors are short and strict deadlines running. Deadline: March 31, 2025. NYSE: ARNC investors who SOLD NYSE: ARNC shares should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On May 03, 2023, Arconic Corporation (NYSE: ARNC) announced that it has entered into an agreement to be acquired by funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO), in an all-cash transaction that values the Company at an enterprise value of approximately $5.2 billion. The agreement provided that Arconic shareholdersreceived $30.00 per share in cash.

On August 18, 2023, Arconic Corporation ("Arconic" or the "Company") and Apollo (NYSE: APO) announced that Apollo Funds have completed the previously announced acquisition of the Company, which includes a minority investment from funds managed by affiliates of Irenic Capital Management ("Irenic").

The plaintiff claims that the defendants made false and/or misleading statements and/or failed to disclose that defendants stated in Arconic's quarterly and annual reports issued between April 19, 2022 and May 3, 2023 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.

Those who purchased shares of Arconic Corporation (NYSE: ARNC) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.