Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against Array Technologies, Inc.
NEW YORK, May 17, 2021 / PRNewswire / – Bernstein Liebhard, a nationally recognized investor rights law firm, is reminding investors of the deadline to file a motion by a lead plaintiff in a class action lawsuit filed on behalf of investors who bought or acquired the securities of Array Technologies, Inc. (“Array” or the “Company”) (NASDAQ: ARRY) of October 14, 2020 by May 11, 2021 (the “Class Period”). The lawsuit has been filed The United States District Court for the Southern District of new York alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.
If you have purchased Array securities and / or would like to discuss your legal rights and options, please visit Array Shareholder’s class action lawsuit or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or [email protected]
The complaint alleges that the defendants made materially false and misleading statements about the company’s business during the teaching period. In particular, Defendant’s publicly available materials did not adequately disclose the then increase in the cost of certain supplies, such as steel, as well as the company’s freight costs, and were likely to have had a negative impact on the company and its business and operations. The complaint also alleges that the defendants made material false and / or misleading statements in press releases and conference calls because the defendants omitted and otherwise failed to disclose that the prices of certain goods, such as steel, have been dramatic since the first quarter of 2020 and Array So. Given the rising cost of freight and as a result of the foregoing, the Company’s positive statements about its operations and operations lacked a solid foundation.
On May 11, 2021After close of trading, Array shocked the market by reporting lower year-over-year sales and margins due to increased steel and shipping costs in a press release and a Form 8-K filed with the SEC. Array announced that too Peter Jonna resigned from the Board of Directors with effect May 10, 2021.
On the news, Array’s stock price fell $ 11.49 per share to close at $ 13.46 on May 12, 2021 on unusually high trading volume.
If you want to appear as the lead plaintiff, you must move the court at the latest July 13, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you have purchased array securities and / or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/arraytechnologiesinc-arry-shareholder-class-action-lawsuit-fraud-stock-400 / apply / or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or [email protected]
Bernstein Liebhard LLP has been recovering since 1993 $ 3.5 billion for its customers. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its litigation success with hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s Hot List thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779- 1414. The lawyer responsible for this complaint in the State of Connecticut is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
SOURCE Bernstein Liebhard LLP