The shareholder lawsuit filed in the federal court in Manhattan, where Arconic is based, may be the first in the United States tied to the fire that gutted the 24-story Grenfell Tower, in London's North Kensington section. Brave also named former Chief Executive Klaus Kleinfeld and current Chief Financial Officer Kenneth Giacobbe as defendants. The complaint seeks to allow Arconic shareholders from Feb 28 to June 26 to sue as a group. It is common for shareholders to sue companies in the United States over unexpected stock price declines that they believe could have been averted. The case is Brave v Arconic Inc et al, US District Court, Southern District of New York, No.

Source: bd News24 July 13, 2017 22:30 UTC