SAN DIEGO, Nov. 29, 2017 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. (mail@shareholdersfoundation.com) announces that a deadline is coming up on December 8, 2017 in the lawsuit that was filed for investors who purchased Arconic Inc. (ARNC-PB) 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, liquidation preference $500 per share pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Arconic’s September 18, 2014 initial public stock offering (“IPO”).
Investors who purchased Arconic. (ARNC-PB) 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, liquidation preference $500 per share should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that Arconic, certain of its current and former officers and/or directors and certain underwriters violated the Securities Act of 1933. On or about July 11, 2014, Arconic filed with the SEC a Registration Statement on Form S-3, which would later be utilized for Arconic’s September 18, 2014 IPO.
The plaintiff claims that the Registration Statement for Arconic’s September 18, 2014 IPO was allegedly negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation.
More specifically, the plaintiff alleges that at the time of Arconic’s September 18, 2014 IPO, Arconic had been knowingly selling its Reynobond PE panels for use on high-rise residential towers in the United Kingdom and other countries and allegedly knew that the product was being used in an inappropriate manner that could expose the Company to significant civil, regulatory and/or criminal liability. The plaintiff said that the uncertainty associated with these sales practices was reasonably likely to have a material impact on Arconic’s profitability, and, therefore, was required to be disclosed in the Registration Statement for Arconic’s September 18, 2014 IPO but was not.
Those who purchased Arconic. (ARNC-PB) 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, liquidation preference $500 per share should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
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