NEW YORK, Jan. 31, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Arconic Corporation (“Arconic” or the “Company”) (ARNC) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Arconic securities between April 19, 2022 and May 3, 2023, both dates inclusive (the “Class Period”). Investors have until March 31, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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According to the complaint, during the class period, defendants failed to disclose to investors that in April 2022 Apollo had made a premium offer of $34-$36 to purchase all the outstanding equity interest of Arconic in an all-cash transaction. After rejecting the offer, Arconic repurchased its shares in large quantities at prices significantly below Apollo's offer.
On December 12, 2022, Apollo submitted a revised proposal to acquire Arconic in an all-cash transaction at a price of $30.00 per share. Plaintiff alleges that Arconic continued to engage in share repurchases at prices materially below Apollo's offer.
The complaint alleges that on May 4, 2023, Arconic announced that it had entered into an agreement to be acquired by Apollo in an all-cash transaction at $30.00 per share. In response, the price of Arconic common stock increased $6.38 per share, or 28.3%, from a closing price on May 3, 2023 of $22.55 per share to a closing price on May 4, 2023 of $28.93 per share.
If you purchased or otherwise acquired Arconic shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
