NEW YORK, NY / ACCESSWIRE / May 18, 2021 / Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Array Technologies, Inc. ("Array" or the "Company") (NASDAQ:ARRY) from October 14, 2020 through May 11, 2021 (the "Class Period"). The lawsuit filed in 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 purchased Array securities, and/or would like to discuss your legal rights and options please visit Array Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or Seidman@bernlieb.com
The complaint alleges that, during the Class Period, defendants made materially false and misleading statements regarding the Company's business. Specifically, Defendants' public offering materials failed to adequately disclose the then-existing rise of costs related to certain supplies such as steel, as well as the Company's freight costs and that these were likely to have, and were having, an adverse effect on the Company's business and operations. The complaint also alleges that defendants made materially false and/or misleading statements in press releases and conference calls because defendants omitted and otherwise failed to disclose that dating back to Q1 2020, prices of certain commodities such as steel were increasing dramatically, and that Array was facing increasing freight costs, and as a result of the foregoing, the Company's positive statements about its business and operations lacked a reasonable basis.
On May 11, 2021, after the close of trading, Array shocked the market by reporting lower revenues year-over-year and lower margins as a result of increased steel and shipping costs in a press release and a Form 8-K filed with the SEC. Array also announced that Peter Jonna had resigned from the Board of Directors effective May 10, 2021.
On this news, Array's stock price dropped $11.49 per share to close at $13.46 on May 12, 2021 on unusually high trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than July 13, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you 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 Seidman@bernlieb.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 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 advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
SOURCE: Bernstein Liebhard LLP
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