>> The firm that supplied the cladding implicated in the London tower blaze is being sued in the United States. 80 people died in the fire at Grenfell Tower. Now shareholder, Michael Brave, is suing manufacturer, Arconic, to recoup what he called significant shareholder losses. That after the firm's alleged failure to disclose its use of highly flammable Reynobond PE panels.
He says the risk of property damage, injury, or death was significantly increased in building where the panels were used. And that Arconic's public statements were materially false and misleading at all relevant times. Arconic did not immediately respond to requests for comment. The proposed class action lawsuit would allow shareholders to sue as a group.
It's been filed in the federal court in Manhattan, where Arconic is based. Arconic's share price fell 21% between June the 14th, the day of the fire, and June the 27th, when the company announced it would stop selling the panels for use in high rises. That decline reducing Arconic's marketvalue by more than $2.5 billion, according to Reuters' data.