PITTSBURGH – An Arconic shareholder alleges that she has been damaged because of a negligently prepared registration statement filed with the Securities Exchange Commission.
Janet L. Sullivan filed a complaint on behalf of herself and all others similarly situated on Sept. 15 in the U.S. District Court for the Western District of Pennsylvania against Arconic Inc., Klaus Kleinfeld, Robert S. Collins, William F. Oplinger, Arthur D. Collins Jr., et al. alleging violation of federal securities laws.
According to the complaint, Arconic filed a registration statement with the Securities Exchange Commission in July 2014 that would be utilized for the preferred initial public offering later. The plaintiff alleges this statement was "negligently prepared and, as a result, contained untrue statements of material facts 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."
The plaintiff alleges that she purchased Arconic shares that were traceable to the preferred initial public offering and has been damaged because the value of Arconic's shares have declined.
The plaintiff requests a trial by jury and seeks compensatory damages, court costs, rescission or a rescissory measure of damages and any further relief the court grants. She is represented by Alfred G. Yates Jr. and Gerald L. Rutledge of Law Office of Alfred G. Yates Jr., P.C. in Pittsburgh; Samuel H. Rudman and Mary K. Blasy of Robbins Geller Rudman & Dowd LLP in Melville, New York and Curtis V. Trinko of Law Offices of Curtis V. Trinko LLP in New York.
U.S. District Court for the Western District of Pennsylvania case number 2:17-cv-01213-MRH