| COMPANY |
Array Technologies, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
21-cv-04390 |
| JUDGE |
The Honorable Victor Marrero |
| CLASS PERIOD |
October 14, 2020 - May 11, 2021 |
| SECURITY TYPE |
All Securities |
Case Background:
On May 14, 2021 the initial complaint in this securities class action was filed against Array Technologies, Inc. (“Array” or the “Company”) and certain of Array’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all persons who purchased or acquired Array securities between October 14, 2020 through May 11, 2021, (“Class Period”) both dates inclusive.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and. prospects. Specifically, the complaint alleges that, in its Initial Public Offering, Defendants made no mention of issues revolving around, inter alia, material negative impacts of rising steel and freight costs on its operations. Furthermore, subsequent to the offerings during the Class Period, Defendants repeatedly and consistently painted a materially misleading picture of the Company’s business and prospects that did not reflect these rising costs. After the offerings, and subsequent to the Class Period, Array disclosed 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 to miss profit expectations and withdraw its full-year outlook.
Current Status of Case:
On May 19, 2023, the Court granted Defendants’ Motion to Dismiss the case. On August 4, 2023, Lead Plaintiffs filed a notice of appeal with the Second Circuit Court of Appeals. This action is on appeal and is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.