Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Array Technologies, Inc. (NasdaqGS: ARRY) who purchased shares between October 14, 2020 and May 11, 2021.
Array and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Offering Materials issued in conjunction with the public offerings, violating federal securities laws. Specifically, the action alleges that the Company failed to disclose that increases in commodity and freight costs had been negatively impacting the Company’s business and operations.
On May 11, 2021, the Company disclosed that its first quarter 2021 results had missed profit analysts’ expectations and withdrew its full-year 2021 outlook, due to increases in steel and freight costs, leading analysts to cut their ratings on the Company.
On this news, shares of Array plummeted 46.1%, or $11.49 per share, to close at $13.46 per share on May 12, 2021.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 13, 2021 to request that the court appoint them lead plaintiff.