Latest news with #Arconic
Yahoo
13-05-2025
- Business
- Yahoo
Elliott's Arconic chapter draws to a close, ten years later
One of the longest, strangest, and most profitable activist campaigns in memory has come to a quiet end. Elliott Management partner Dave Miller quietly stepped off the board of Howmet Aerospace last week, closing the books on a corporate battle that captivated and bemused Wall Street and inspired a subplot. Howmet is one of three companies that emerged from Alcoa, the aluminum giant in which Elliott took a stake in 2015. The hedge fund pushed the company to split in two: Alcoa, which mined aluminum, and Arconic, which made things with it. Arconic continued to struggle, prompting Elliott to launch an extremely memorable proxy fight in 2016 that involved the activist mailing video tablets to shareholders to watch its pitch — something HBO writers would later steal as a plot point for Waystar Royco's own boardroom battle. Arconic's CEO responded by couriering a letter to Elliott founder Paul Singer containing vague, and vaguely extortionate references about a fountain serenade during a World Cup trip. Arconic fired its CEO, gave Elliott board seats, spun off a division that was later sold to Apollo, and turned its remaining business into a $64 billion aerospace juggernaut, Howmet. Miller's departure from Howmet's board caps a highly lucrative play for Elliott's investors: the hedge fund's stake was worth around $1 billion in 2017. Eight years later, that same position would be worth roughly $8.4 billion, based on Semafor's calculations. A spokesperson for Elliott declined to comment on the matter. Arconic became one of Elliott's most defining skirmishes, outdone only by a fight at Samsung C&T that indirectly felled South Korea's president, or the time it seized an Argentinian naval ship. It earned Elliott a reputation for pugnacity and persistence — what Singer called 'manual efforts' — that the activist has shed to a certain extent. The hedge fund has only gone full-tilt once in the last 10 years — the current fight at another conglomerate, Phillips 66, which will head to a shareholder vote next week, barring a settlement — although it came close to going the distance at Southwest Airlines last year. Most activist engagements today never become public. That reflects both the growing size of these funds, which now manage tens of billions of dollars and whose correspondingly larger prey requires careful engagement, but also the reality of boards and CEOs today. Companies opt to go activist on themselves through board refreshments, stock buybacks, and a willingness to hold underperforming executives to account. Just as boards have shown a willingness to savage themselves, activists have borrowed from the corporate playbook as well. Most to move quietly, negotiating behind the scenes — a method that saves them time and money. But they don't shy away from a fight, either. Those relatively few fights that now make it to the public eye — Trian and Disney, Elliott and Southwest, Ancora and Norfolk Southern — remain marked by the old pugilism. And activists now have far more tools at their disposal: private investigators, jet trackers, social media monitoring, and things even we don't know about. Meanwhile, companies pay tens of thousands of dollars for sophisticated monitoring software that flags when known activists visit their websites. And when the fights get fierce, CEOs can call on their powerful friends: Jamie Dimon, George Lucas, and the Disney family itself all publicly backed management in Trian's 2024 proxy fight at the House of Mouse. Elliott is inching closer to victory at Phillips 66. ISS endorsed all four of the activist's board nominees, Semafor first reported last night, only the second time in the last 15 years that the advisory firm has backed an activist's entire slate of nominees at a large company. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
17-03-2025
- Business
- Associated Press
INVESTOR DEADLINE APPROACHING: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Arconic
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Arconic To Contact Him Directly To Discuss Their Options If you purchased or acquired securities in Arconic between April 19, 2022 and May 3, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). New York, New York--(Newsfile Corp. - March 17, 2025) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Arconic Corporation ('Arconic' or the 'Company') (NYSE: ARNC) and reminds investors of the March 31, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose offers to purchase all of the outstanding shares of Arconic common stock at a material premium far above the Company's then-current stock price, while at the same time repurchasing millions of shares of Arconic common stock through stock buyback programs at prices below the offer price. These failures to disclose material non-public information artificially deflated the price of Arconic common stock. Arconic had an obligation to either disclose that it had received a formal acquisition offer from Apollo Global Management, Inc. ('Apollo') or abstain from trading in its own securities. On April 19, 2022, Arconic received an unsolicited non-public offer from Apollo to purchase all of the outstanding shares of Arconic at a price between $34 and $36 per share. On April 29, 2022, Arconic rejected Apollo's offer. However, Apollo continued to demonstrate interest in an acquisition of Arconic. Apollo partnered with Irenic Capital Management LP ('Irenic') concerning the potential acquisition of Arconic starting in May 2022. From May 5, 2022 through June 23, 2022, Apollo, Irenic, and Arconic had discussions concerning a potential acquisition of Arconic. Apollo and Irenic informed Arconic of their interest in exploring a negotiated transaction for Arconic and intent to submit a revised offer to acquire Arconic. Between June 23, 2022 and November 28, 2022, Arconic, Apollo and Irenic kept in contact, but these contacts did not result in the submission of any new proposals for an acquisition of Arconic. During the period June 1, 2022 through August 31, 2022, Arconic repurchased 4,357,690 shares of its common stock on public markets for a total cost of $122,943,904 and at an average price of $28.21 per share, significantly below Apollo's offer of $34 to $36 per share. On November 28, 2022, Apollo informed Arconic that it was considering submitting a new proposal for an acquisition of Arconic at a meaningful premium to Arconic's stock price, which closed at $21.65 per share on November 28, 2022. On December 12, 2022, Apollo submitted a revised proposal for to acquire Arconic in an all-cash transaction at a price of $30.00 per share, a meaningful premium to the price of Arconic's common stock, which closed on December 12, 2022 at $22.57 per share. Arconic thereafter negotiated and engaged with Apollo. Arconic also reached out to three additional parties concerning their interest in a potential acquisition of Arconic. However, Arconic continued to engage in share repurchases at prices materially below Apollo's $30 per share offer. From November 2022 to January 2023, Arconic repurchased an additional 2,107,450 shares of Arconic common stock on the public markets for a total cost of $47,032,891, and at an average price of $22.32 per share. On February 28, 2023, at approximately 2:00 p.m. Eastern Time, The Wall Street Journal reported that Apollo had submitted a bid at an unspecific price to acquire Arconic and that Arconic's advisors had reached out to other potential acquirors. In response, the price of Arconic common stock increased $4.68 per share, or 21.5%, from its price immediately before the WSJ report of $21.76 per share to a closing price on February 28, 2023 of $26.44 per share. On May 4, 2023, during pre-market hours, 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. The merger eventually closed on August 18, 2023, with Apollo acquiring Arconic for $30 per share. The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information Arconic's conduct to contact the firm, including whistleblowers, former employees, shareholders and others. To learn more about the Arconic Corporation class action, go to or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
Associated Press
13-03-2025
- Business
- Associated Press
INVESTOR ALERT: Berger Montague Advises Arconic (ARNC) Investors to Inquire About a Securities Fraud Class Action by March 31, 2025
Philadelphia, Pennsylvania--(Newsfile Corp. - March 13, 2025) - Berger Montague PC advises investors that a securities class action lawsuit has been filed against Arconic Corporation ('Arconic' or the 'Company') (NYSE: ARNC) on behalf of sellers of Arconic securities between April 19, 2022 through May 3, 2023, inclusive (the 'Class Period'). Investor Deadline: Investors who sold ARCONIC securities during the Class Period may, no later than MARCH 31, 2025 , seek to be appointed as a lead plaintiff representative of the class. To learn your rights, CLICK HERE. Arconic, headquartered in Pittsburgh, was a provider of aluminum sheets and architectural products to the ground transportation, aerospace, building and construction, and industrial markets. According to the suit, Arconic and its senior executives failed to disclose offers to purchase all of the outstanding shares of Arconic common stock at a material premium, far above the Company's then-current stock price, and at the same time repurchased millions of Arconic shares at significantly below the offer price. These failures to disclose material non-public information kept the price of Arconic common stock artificially low. Arconic had an obligation to either disclose that it had received a formal acquisition offer from Apollo Global Management, Inc. or abstain from trading in its own securities. From April 19, 2022 through the Company's announcement that it had entered into an agreement to be acquired by Apollo at $30 per share, Arconic repurchased millions of Arconic shares at an average price of below $23 per share. To learn your rights or for more information, CLICK HERE or please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015, or Peter Hamner at [email protected]. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member. Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States. Andrew Abramowitz, Senior Counsel Berger Montague (215) 875-3015 Berger Montague PC
Associated Press
10-03-2025
- Business
- Associated Press
ARNC DEADLINE REMINDER: Berger Montague Reminds Arconic (ARNC) Investors of Important Class Action Lawsuit Deadline
Philadelphia, Pennsylvania--(Newsfile Corp. - March 10, 2025) - Berger Montague PC advises investors that a securities class action lawsuit has been filed against Arconic Corporation ('Arconic' or the 'Company') (NYSE: ARNC) on behalf of sellers of Arconic securities between April 19, 2022 through May 3, 2023, inclusive (the 'Class Period'). Investor Deadline: Investors who sold ARCONIC securities during the Class Period may, no later than MARCH 31, 2025 , seek to be appointed as a lead plaintiff representative of the class. To learn your rights, CLICK HERE. Arconic, headquartered in Pittsburgh, was a provider of aluminum sheets and architectural products to the ground transportation, aerospace, building and construction, and industrial markets. According to the suit, Arconic and its senior executives failed to disclose offers to purchase all of the outstanding shares of Arconic common stock at a material premium, far above the Company's then-current stock price, and at the same time repurchased millions of Arconic shares at significantly below the offer price. These failures to disclose material non-public information kept the price of Arconic common stock artificially low. Arconic had an obligation to either disclose that it had received a formal acquisition offer from Apollo Global Management, Inc. or abstain from trading in its own securities. From April 19, 2022 through the Company's announcement that it had entered into an agreement to be acquired by Apollo at $30 per share, Arconic repurchased millions of Arconic shares at an average price of below $23 per share. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member. Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States. Contact: Andrew Abramowitz, Senior Counsel Berger Montague (215) 875-3015 Berger Montague PC
Associated Press
05-03-2025
- Business
- Associated Press
ARCONIC (ARNC) INVESTOR ALERT: Berger Montague Advises Investors to Inquire About a Securities Fraud Class Action
Philadelphia, Pennsylvania--(Newsfile Corp. - March 5, 2025) - Berger Montague PC advises investors that a securities class action lawsuit has been filed against Arconic Corporation ('Arconic' or the 'Company') (NYSE: ARNC) on behalf of sellers of Arconic securities between April 19, 2022 through May 3, 2023, inclusive (the 'Class Period'). Investor Deadline: Investors who sold ARCONIC securities during the Class Period may, no later than MARCH 31, 2025 , seek to be appointed as a lead plaintiff representative of the class. To learn your rights, CLICK HERE. Arconic, headquartered in Pittsburgh, was a provider of aluminum sheets and architectural products to the ground transportation, aerospace, building and construction, and industrial markets. According to the suit, Arconic and its senior executives failed to disclose offers to purchase all of the outstanding shares of Arconic common stock at a material premium, far above the Company's then-current stock price, and at the same time repurchased millions of Arconic shares at significantly below the offer price. These failures to disclose material non-public information kept the price of Arconic common stock artificially low. Arconic had an obligation to either disclose that it had received a formal acquisition offer from Apollo Global Management, Inc. or abstain from trading in its own securities. From April 19, 2022 through the Company's announcement that it had entered into an agreement to be acquired by Apollo at $30 per share, Arconic repurchased millions of Arconic shares at an average price of below $23 per share. To learn your rights or for more information, CLICK HERE or please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015, or Peter Hamner at [email protected]. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member. Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States. Andrew Abramowitz, Senior Counsel Berger Montague (215) 875-3015 Berger Montague PC
