(ARRY) Alert: Did You Acquire Array Technologies, Inc. Before December 2020?

Rhea-AI Summary

Johnson Fistel is investigating potential claims against Array Technologies (NASDAQ: ARRY) following a class action lawsuit filed for securities purchasers during a specified class period. The lawsuit alleges that Array misled investors by failing to disclose rising costs of essential materials like steel and increased freight costs, which negatively impacted the company's operations. Shareholders who held shares before December 2020 may have grounds to pursue claims against the company's officers and directors for alleged misconduct.

Positive

• None.

Negative

• Allegations of misleading statements regarding rising costs of steel and freight affecting operations.
• Class action lawsuit filed suggesting prior mismanagement or lack of transparency.

SAN DIEGO, Aug. 5, 2021 /PRNewswire/ -- Johnson Fistel, LLP is investigating potential claims on behalf of Array Technologies, Inc. ("Array" or the "Company") (NASDAQ: ARRY) against certain of its officers and directors. 

Recently a class action lawsuit was filed in federal court against the Company on behalf of purchasers of the securities of Array from October 14, 2020 and May 11, 2020 (the "Class Period").

According to the lawsuit, the offering documents and defendants made false and misleading statements and failed to adequately disclose the then-existing rise of costs related to certain supplies such as steel, as well as the Company's freight costs, and that these were likely to have, and were having, an adverse effect on the Company's business and operations. The complaint also alleges that defendants made materially false and misleading statements in press releases and conference calls because defendants omitted and otherwise failed to disclose that dating back to Q1 2020, prices of certain commodities such as steel were increasing dramatically and that Array was facing increasing freight costs. As a result of the foregoing, the Company's positive statements about its business and operations lacked a reasonable basis.

If you are a current shareholder of Array, holding shares before December 2020, you may have standing to hold Array harmless from the alleged harm caused by the officers and directors of the Company by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing. 

If you are interested in learning more about the investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number. 

Additionally, if you are a current, long-term shareholder of Array, holding shares before December 2020, you can [Click here to join this action]. There is no cost or obligation to you.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising.  Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com

[Click here to join this action]

View original content:https://www.prnewswire.com/news-releases/arry-alert-did-you-acquire-array-technologies-inc-before-december-2020-301349251.html

SOURCE Johnson Fistel, LLP

FAQ

What is the reason behind the class action lawsuit against Array Technologies (ARRY)?

The lawsuit alleges that Array Technologies made false and misleading statements related to rising costs and failed to disclose the adverse effects of these costs on the company's business.

Who is conducting the investigation regarding Array Technologies?

The investigation is being conducted by Johnson Fistel, LLP, a recognized shareholder rights law firm.

What should current shareholders of Array Technologies do in light of the lawsuit?

Current shareholders who held shares before December 2020 may be eligible to join the legal action and hold the company's executives responsible for the alleged harm.

When was the class period for the securities purchasers of Array Technologies?

The class period for the securities purchasers was from October 14, 2020, to May 11, 2020.

What could be the potential impact of this lawsuit on Array Technologies' stock price?

If the allegations in the lawsuit are proven, it could lead to negative repercussions for Array Technologies, including potential financial liabilities and a decrease in investor confidence, which may adversely affect the stock price.