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Philadelphia, Pennsylvania--(Newsfile Corp. - June 5, 2021) - Berger Montague is investigating securities fraud claims against Array Technologies, Inc. ("Array" or the "Company") on behalf of investors who purchased Array securities (NASDAQ: ARRY) between October 14, 2020 and May 11, 2021 (the "Class Period").
If you purchased Array securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at email@example.com or (215) 875-3015, or Donnell Much at firstname.lastname@example.org or (215) 875-4667, or complete the form on www.bergermontague.com/array.
Array, based in Albuquerque, New Mexico, manufacturers ground-mounting systems for solar energy products. According to a recently filed lawsuit, throughout the Class Period, in public statements - including in the offering documents for the Company's initial public offering and two secondary offerings - Array and its senior management failed to inform investors that, dating back to the first quarter of 2020, Array was facing an increase in the cost of steel, as well as an increase in the cost of freight. As a result of these known facts, defendants' statements about its business and operations lacked a reasonable basis.
On May 11, 2021, investors learned the truth about the mounting steel and freight costs that were adversely impacting the Company's profits. On that date, Array reported disappointing first quarter 2021 results and withdrew its full-year 2021 outlook, citing increases in steel and freight costs. On this news, Array's share price plummeted $11.49 per share - more than 46% - to close at $13.46 per share on May 12, 2021.
Whistleblowers: Anyone with non-public information regarding Array is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Donnell Much, Associate
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86546