Pomerantz Achieves Preliminary Approval of $74 Million Settlement in Arconic Securities Litigation

On May 2, 2023, Chief U.S. District Court Judge Mark R. Hornak of the Western District of Pennsylvania granted preliminary approval to a $74 million settlement on behalf of defrauded investors in Howard v. Arconic et al., No. 2:17-cv-01057 (W.D. Pa.), a securities class action in which Pomerantz is Co-Lead Counsel. Arconic, Inc. is an American industrial company specializing in lightweight metals engineering and manufacturing. Allegations against Arconic include that, despite having knowledge that its Reynobond PE aluminum insulation panels were combustible and therefore inappropriate for use in the construction of high-rise structures, the company continued selling the panels for this purpose, while publicly downplaying the associated…