HOWARD v. ARCONIC INC et al, No. 2:2017cv01057 - Document 132 (W.D. Pa. 2021)
Court Description: OPINION. Signed by Chief Judge Mark R. Hornak on 6/23/21. (Attachments: # 1 Appendix A, # 2 Appendix B) (bdb)
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HOWARD v. ARCONIC INC et al Doc. 132 Att. 1 Appendix A: Statements in the SAC that Allegedly Violated Section 10(b) of the Exchange Act and that Survive Defendants’ Motion to Dismiss (1) (1) (2) (3) (4) I. PLAUSIBLY ACTIONABLE RISK DISCLOSURE STATEMENTS “[Arconic] may be exposed to significant legal proceedings [and] Plausibly investigations” and that the “Company is . . . subject to a variety of legal actionable compliance risks,” including “potential claims relating to product liability, against health and safety . . . and compliance with U.S. and foreign export laws . . and Arconic, but sales and trading practices. only as to the bolded [Arconic] could be subject to fines, penalties, damages (in certain cases, treble statement damages), or suspension or debarment from government contracts.” “[Arconic] believes it has adopted appropriate risk management and compliance programs to address and reduce these risks.” (SAC ¶¶ 240, 278, 319, 359) II. PLAUSIBLY ACTIONABLE VALUES/SAFETY STATEMENTS “Operations and activities that could result in risk or impact are controlled to Plausibly ensure that our environment, health and safety (EHS) policy is followed and actionable that management system objectives are achieved. We develop procedures to against cover . . . external activities, including contractor and product safety.” Arconic, but (SAC ¶¶ 231, 246, 287, 312) only as to the bolded statement “The following are the four main activities undertaken in support of our Plausibly safety system: Identifying hazards and assessing the risks associated with actionable our products . . . . against *** Arconic, but Our global focus and attention on fatality prevention continues with the only as to the objection of building a system and culture that is more robust in its ability to . . bolded . address contractor and contracted services safety.” (SAC ¶¶ 232, 247, 288, statement 313) “ENGINEERED PRODUCTS AND SOLUTIONS Plausibly Our products . . . enable buildings that are . . . safe, . . . . Engineered actionable Products and Solutions, part of [Arconic]’s value-add portfolio, performed against against targets set in 2010 and generated $970 million incremental revenue Arconic, but from share gains through innovation, while growing adjusted EBITDA only as to the margins from 2010 to 2013.” (SAC ¶ 245) bolded statement “We create thermally efficient architectural aluminum systems that help Plausibly improve building energy-efficiency by up to 50%. Our state-of-the-art actionable framing and wall systems are also hurricane and blast-resistant, making against buildings more resilient and increasing occupant safety.” (SAC ¶ 333) Arconic, but only as to the Dockets.Justia.com (5) (6) (7) (8) (1) “We also have developed state-of-the-art framing and wall systems that are hurricane- and blast-resistant and have been tested to industry standards and state mandates. These systems are designed to minimize vulnerabilities and provide increased security to protect occupants against damage and devastation. Architectural aluminum systems that use advanced thermal technologies can provide superior thermal performance without compromising on structural performance.” (SAC ¶ 336) Concerning “Customer Health/Product Safety,” the 2015 Sustainability Report represented that Arconic’s “efforts to ensure customer health and product safety” included “Challenging misguided/bad science with best available scientific research” and “Engaging regulators as appropriate.” (SAC ¶ 339) “[Arconic has] a Product Safety Standard to identify what is required for product safety management systems developed by our businesses. The standard includes requirements for raw material sources, production practices, chemical composition of our products, and communication of risks associated with use or abuse of these products. bolded statement Plausibly actionable against Arconic, but only as to the bolded statement Plausibly actionable against Arconic Plausibly actionable against Arconic, but only as to the bolded statement We also provide safety data sheets and other documents that communicate information on the proper use, reuse, and/ or disposal of our products. These sheets include the potential health risks associated with use and misuse of these products and the precautionary measures that can be used to reduce or eliminate these risks.” (SAC ¶ 340) “Working in close partnership with our customers, we solve complex Plausibly engineering challenges to transform the way we . . . build . . . ,” and “[t]hrough actionable the ingenuity of our people and cutting-edge, advanced manufacturing against Arconic techniques, we deliver these products at a quality and efficiency that ensure customer success and shareholder value.” (SAC ¶ 362) III. PLAUSIBLY ACTIONABLE BROCHURE AND ONLINE STATEMENTS “[E]ach of our product offerings provide the durability to ensure your project Plausibly will look pristine for years to come––with minimal maintenance. actionable Safe and Compliant. Reynobond is designed and tested to meet safety and against Arconic environmental building codes around the world. It is available with either a polyethylene (PE) core or a fire-resistant (FR) core material . . . . Reynobond® Aluminum Composite Material (ACM) is a high-performance wall cladding product from [Arconic] Architectural Products, consisting of two sheets of nominal 0.020’’ (0.50 mm) aluminum, each permanently bonded to an extruded thermoplastic core. This is an elegant concept resulting in an extraordinary flat and highly formable material with an excellent strength-toweight ratio. Reynobond is a fully tested product, with building-code approvals throughout the world. It is available with either a Polyethylene (PE) core or a Fire Resistant (FR) core. (2) Reynobond is manufactured to exacting tolerances with state-of-the art equipment in a continual process. [Arconic] Architectural Products has a reputation for manufacturing products of the highest quality, and Reynobond is no exception. Our Reynobond® Aluminum Composite Material delivers consistent . . . strength.” (SAC ¶¶ 229, 251, 285, 310) Arconic made the following specific statements on its official website: • “Reynobond . . . composite and aluminum sheet panels are certified in more than 15 countries by certifying bodies such as BBA, CSTB or ISO. • Fire certificates for Reynobond Architecture: Great Britain BS476 part 6 & 7: Reynobond PE & FR: Class 0; Great Britain BBA Agreement BBA08/4510, classifying the PE panels as Class 0. • Behaviour in relation to fire: when tested for reaction to fire, [product] achieved a classification of B-s2 . . . As a consequence . . . the product[s] may be regarded as having a Class 0 surface.” (SAC ¶¶ 253, 290, 326, 366) Plausibly actionable against Arconic, but only as to the bolded statements
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