The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Array Technologies, Inc. (ARRY) Investors
Jun 17, 2021 2:45 PM ET
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The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Array Technologies, Inc. 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.
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 securities during the Class Period, you may move the Court no later than July 13, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Array securities, 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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