London fire: Shareholder sues Arconic for supplying flammable panels to Grenfell Tower builder
Michael Brave has claimed that the company had deceived them by withholding information on the risks posed by their use.
A shareholder of Arconic Inc sued the firm on Thursday, accusing it of defrauding shareholders by supplying flammable panels for the construction of the Grenfell Tower, the 24-storey building in London where a fire killed at least 80 people on June 14, Reuters reported.
Michael Brave has sought to recover the “significant” losses shareholders have incurred because the US-based firm had not disclosed its use of “highly flammable” Reynobond PE panels in the tower’s construction. He claimed Arconic had deceived shareholders by withholding information that the use of these panels significantly raised the risk of property damage, injury or death in buildings.
Arconic’s shares fell 21% between June 14 and June 27 after it emerged that it had supplied the Grenell Tower builders with the flammable panels that had led to the massive blaze.