LOS ANGELES, June 04, 2021 (GLOBE NEWSWIRE) —
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming July 13, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired 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”).
If you suffered a loss on your Array investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/array-technologies-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
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.
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If you purchased or otherwise acquired Array common stock pursuant and/or traceable to the Offerings and/or securities during the Class Period, you may move the Court no later than July 13, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224