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Encourage investors who have lost more than $100,000 to contact the company
Glancy Prongay and Murray LLP (“GPM”), a leading national shareholder rights law firm, announced that it has filed a class action lawsuit (NASDAQ) on behalf of investors who purchased or otherwise acquired Array Technologies, Inc. (hereinafter referred to as “Array” or “Company”) : Ali): (a) Between securities October 14, 2020 and May 11, 2021, Included (“class period”); and/or (b) based on and/or traceable to the general offering statement and prospectus related to (1) the October 2020 initial public offering (“IPO”) Shares; and (2) the second public offering in December 2020 (“SPO in December 2020”); or (3) the second public offering in March 2021 (“SPO in March 2021”, and IPO and SPO in December 2020, referred to as “issuance”).Array investors until July 13, 2021 The plaintiff filed a lawsuit.
If you have suffered a loss in Array investment, or want to inquire about a claim that may require the recovery of your loss under the federal securities laws, you can submit your contact information at the following location: https://www.glancylaw.com/cases/array-technologies-inc/.You can also call Charles H. Linehan of GPM at 310-201-9150, the toll-free number is 888-773-9224, or by email investors@glancylaw.com Learn more about your rights.
Array completed its IPO in October 2020 and sold 7 million shares at a price of $22 per share.
After the transaction, on May 11, 2021, Array announced the first quarter of 2021 results, reporting that due to the increase in steel and transportation costs, revenue fell year-on-year and profit margins decreased. The company also announced that Peter Jonna has resigned from the board of directors on May 10, 2021.
On this news, Array’s stock price fell by US$11.49 per share on May 12, 2021, a 46% drop, and closed at US$13.46 per share, which was much lower than the IPO price.
The complaint raised allegations that the defendant made false and/or misleading statements during the product sale and the entire class action period, and did not disclose material unfavorable facts about the company’s business, operations, and prospects. Specifically, the defendant did not disclose to investors: (1) As far back as the first quarter of 2020, the price of certain commodities (such as steel) was in the process of doubling, and Array was facing rising freight costs; (2) The increase in commodity and freight costs had a negative impact on the company’s business and operations; (3) As a result, the defendant’s statements about its business, operations and prospects were false and misleading and/or lacking reasonable basis at all relevant times statement.
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If you have purchased or otherwise obtained Array common stock based on and/or traceable to products and/or securities during class, you can move the court no later than the court July 13, 2021 Ask the court to appoint you as the plaintiff. To become a class member, you do not need to take any action now; you can choose the lawyer of your choice, or you can take no action, and remain an absent member of the class.If you want to learn more about this operation, or have any questions about this announcement or your rights in these matters, please contact Esquire Charles Linehan of GPM, GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Tel: 310-201-9150, Toll Free: 888-773-9224, emailed to investors@glancylaw.com, Or visit our website at www.glancylaw.com. If you inquire via email, please provide your mailing address, phone number and the number of shares purchased.
In accordance with applicable laws and ethical rules, this press release may be treated as a lawyer’s advertisement in certain jurisdictions.
View the source code version on businesswire.com: https://www.businesswire.com/news/home/20210521005048/zh/
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