Hi VBS.
Are you targeting HTML5 by chance? I think it’s related to this: http://community.openfl.org/t/solved-help-applying-colortransform-to-svg-images/8548/2
Does it work if you’re targeting flash?
This code snippet runs fine over here:
var myButton:Sprite = new Sprite();
var shape:Shape = new Shape();
shape.graphics.beginFill(0x00ff00,1);
shape.graphics.moveTo(0, 0);
shape.graphics.lineTo(100, 0);
shape.graphics.lineTo(100, 100);
shape.graphics.lineTo(0, 100);
shape.graphics.lineTo(0, 0);
shape.graphics.endFill();
shape.name = "arrow";
addChild(myButton);
myButton.addChild(shape);
var color:UInt = 0xFFFFFF;
var arrow:DisplayObject = myButton.getChildByName("arrow");
Actuate.transform(arrow, 1).color(color);