1. Arconic under class action lawsuit for alleged securities fraud. 2. The fraud concerns misleading share repurchase statements by Arconic. 3. Investors may recover losses incurred from April 2022 to May 2023. 4. Noncompliance with Rule 10b-5 raises legal concerns for Arconic. 5. Levi & Korsinsky represents aggrieved shareholders in this case.
The lawsuit indicates potential legal liabilities impacting investor confidence. Past cases of similar fraud allegations have led to significant stock price declines.
Legal actions can significantly affect stock prices and investor confidence. The lawsuit addresses direct allegations that could lead to financial penalties.
Immediate market reactions expected as news of the lawsuit spreads. Legal proceedings may take time, but initial investor sentiment is crucial.
Levi & Korsinsky, LLP notifies investors in Arconic Corporation ("Arconic Corporation" or the "Company") (NYSE: ARNC) of a class action securities lawsuit.
The lawsuit seeks to recover losses on behalf of Arconic Corporation investors who were adversely affected by alleged securities fraud. 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. Follow the link below to get more information and be contacted by a member of our team:
https://zlk.com/pslra-1/arconic-corporation-lawsuit-submission-form?prid=129238&wire=4Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
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.
If you suffered a loss in Arconic Corporation during the relevant time frame, you have until March 31, 2025 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
SOURCE Levi & Korsinsky, LLP