INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Array Technologies, Inc. (ARRY) Investors
Investors with losses exceeding $100,000 are encouraged to contact the firm
BENSALEM, Pa.–(BUSINESS WIRE)–$ARRY #CLASSACTION–Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Array Technologies, Inc. (“Array” or the “Company”) (NASDAQ: ARRY): (a) securities between October 14, 2020 and May 11, 2021, inclusive (the “Class Period”); and/or (b) common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with (1) the October 2020 initial public offering (the “IPO”); or (2) the December 2020 secondary public offering (the “December 2020 SPO”); or (3) the March 2021 secondary public offering (the “March 2021 SPO,” and together with the IPO and the December 2020 SPO, the “Offerings”). Array investors have until July 13, 2021 to file a lead plaintiff motion.
Investors suffering losses on their Array investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
In October 2020, Array completed its initial public offering, selling 7 million shares at $22 per share.
On May 11, 2021, after the close of trading, Array announced first quarter 2021 results, reporting lower revenues year-over-year and lower margins as a result of increased steel and shipping costs. The Company also announced that Peter Jonna had resigned from the Board of Directors effective May 10, 2021.
On this news, Array’s stock price fell $11.49 per share, or 46%, to close at $13.46 per share on May 12, 2021, significantly below the IPO price.
The complaint filed alleges that in the registration statements for the Offerings and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) dating back to the first quarter of 2020, prices of certain commodities such as steel was in the process of more than doubling, and Array was facing increasing freight costs; (2) the increases in commodity and freight costs had been negatively impacting the Company’s business and operations; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Array common stock pursuant and/or traceable to the Offerings and/or securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
