Array Technologies, Inc. Class Action Lawsuit
- Company Name
- Array Technologies, Inc.
- Stock Symbol
- Class Period
- October 14, 2020 to May 11, 2021
- Motion Deadline
- July 14, 2021
- Southern District of New York
The Array Technologies, Inc. class action lawsuit charges Array Technologies, Inc. (NASDAQ:ARRY) and certain of its executives and directors, as well as the underwriters of Array Technologies’ various offerings, with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934. The Array Technologies class action lawsuit seeks to represent: (i) all persons or entities who purchased or otherwise acquired Array Technologies securities between October 14, 2020, and May 11, 2021, inclusive (“Class Period); and (ii) all persons and entities that purchased or otherwise acquired Array Technologies common stock pursuant, or traceable, or both, to: (a) the registration statement and prospectus issued in connection with Array Technologies’ October 2020 initial public offering (the “IPO”); or (b) the registration statement and prospectus issued in connection with Array Technologies’ December 2020 offering (the “December 2020 SPO”); or (c) the registration statement and prospectus issued in connection with Array Technologies’ March 2021 offering (the “March 2021 SPO”); or (d) any combination of the IPO, December 2020 SPO, or March 2021 SPO. The Array Technologies class action lawsuit was filed in the Southern District of New York and is captioned Plymouth County Retirement Association v. Array Technologies, Inc., No. 21-cv-04390.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Array Technologies securities during the Class Period and/or pursuant, or traceable, or both, to the registration statements and prospectuses issued in connection with Array Technologies’ IPO, December 2020 SPO, and March 2021 SPO to seek appointment as lead plaintiff in the Array Technologies class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Array Technologies class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Array Technologies class action lawsuit. An investor’s ability to share in any potential future recovery of the Array Technologies action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Array Technologies class action lawsuit or have questions concerning your rights regarding the Array Technologies class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com. Lead plaintiff motions for the Array Technologies class action lawsuit must be filed with the court no later than July 14, 2021.
Array Technologies describes itself as one of the world’s largest manufacturers of ground-mounting systems used in solar energy projects. Array Technologies’ principal product is an integrated system of steel supports, electric motors, gearboxes, and electronic controllers commonly referred to as a single-axis “tracker.” Trackers move solar panels throughout the day to maintain an optimal orientation to the sun, which significantly increases their energy production.
The Array Technologies class action lawsuit alleges that Array Technologies’ registration statements and prospectuses made no mention of issues revolving around, among other things, material negative impacts of rising steel and freight costs on its operations. The Array Technologies class action lawsuit further alleges that subsequent to the offerings during the Class Period, defendants repeatedly and consistently painted a materially misleading picture of Array Technologies’ business and prospects that did not reflect these rising costs.
On May 11, 2021, Array Technologies revealed, among other things, that it was experiencing increases in steel prices and substantial increases in the cost of both ocean and truck freight that in turn were having a material impact on its margins for the foreseeable future. This caused Array Technologies to miss profit expectations and withdraw its full-year outlook. Array Technologies also announced that Array Technologies’ Director, defendant Peter Jonna, had resigned from the Board of Directors effective May 10, 2021. On this news, Array Technologies’ common stock price fell 46%, damaging investors. By the commencement of this action, Array Technologies common stock was trading at a significant decline from its value at the time of the offerings.
With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm.