According to the law firm press release, Arconic Inc. is a global provider of lightweight multi-material solutions, focused on the aerospace market in addition to serving the automotive, industrial gas turbine, commercial transportation, and building and construction markets. The Company also provides titanium, aluminum, nickel-based super alloy, and specialty alloy solutions.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Arconic knowingly supplied its highly flammable Reynobond PE (polyethylene) cladding panels for use in construction; (ii) the foregoing conduct significantly increased the risk of property damage, injury and/or death in buildings constructed with Arconic’s Reynobond PE panels; and (iii) as a result of the foregoing, Arconic’s public statements were materially false and misleading at all relevant times.
This case was voluntarily dismissed on August 14, 2017. A related case continues under Docket 17-CV-01057 in the Western District of Pennsylvania.
On February 7, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on April 9. Defendants filed a Motion to Dismiss the amended Complaint on June 6. On June 21, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. Plaintiffs filed a second consolidated amended Complaint on July 23. Defendants filed a Motion to Dismiss the second consolidated amended Complaint on September 11. On June 23, 2021, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
On April 21, 2023, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on May 2. On August 9, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.