Cases
Arconic Inc. (NYSE: ARNC)
Securities Class Action
Overview
Overview
- Date:
- 3/23/2017
- Company Name:
- Arconic, Inc.
- Stock Symbol:
- ARNC
- Status:
- Closed/Complete
Bragar Eagel & Squire, P.C. is investigating possible claims against Arconic Inc. (NYSE: ARNC). Our investigation concerns potential breach of fiduciary duty and securities claims.
On August 18, 2016, the Company reached a two-year deal with the private equity firm, Oak Hill Capital Partners, to vote in favor of directors nominated by Arconic’s Board. Oak Hill is the Company’s sixth largest shareholder, owning approximately 8.7 million shares of Arconic common stock. This agreement remained undisclosed until the Company filed a Proxy Statement with the SEC on March 13, 2017.
In response, on March 20, 2017, Elliot Management Corporation, Arconic’s largest shareholder with a 13.2% economic interest, demanded an independent review of the Company’s voting agreement with Oak Hill. Elliot Management urged Arconic’s Board to take immediate action against those who devised, authorized, and negotiated the August agreement, thereby “converting Company assets for personal benefit.”
Additionally, Elliot Management recommends leadership change for Arconic. Elliot Management intends to replace the current CEO and nominate five directors to serve on the Company’s Board of Directors.
Following this news, Arconic shares fell $1.12, or over 4%, to close at $26.75 on March 21, 2017.
If you purchased or otherwise acquired Arconic securities and suffered a loss, 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 Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On August 18, 2016, the Company reached a two-year deal with the private equity firm, Oak Hill Capital Partners, to vote in favor of directors nominated by Arconic’s Board. Oak Hill is the Company’s sixth largest shareholder, owning approximately 8.7 million shares of Arconic common stock. This agreement remained undisclosed until the Company filed a Proxy Statement with the SEC on March 13, 2017.
In response, on March 20, 2017, Elliot Management Corporation, Arconic’s largest shareholder with a 13.2% economic interest, demanded an independent review of the Company’s voting agreement with Oak Hill. Elliot Management urged Arconic’s Board to take immediate action against those who devised, authorized, and negotiated the August agreement, thereby “converting Company assets for personal benefit.”
Additionally, Elliot Management recommends leadership change for Arconic. Elliot Management intends to replace the current CEO and nominate five directors to serve on the Company’s Board of Directors.
Following this news, Arconic shares fell $1.12, or over 4%, to close at $26.75 on March 21, 2017.
If you purchased or otherwise acquired Arconic securities and suffered a loss, 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 Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.