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Philadelphia, Pa .– (Newsfile Corp. – June 5, 2021) – Berger Montague is investigating allegations of securities fraud against Array Technologies, Inc. (“Array” or the “Company”) on behalf of investors who have purchased securities Array Securities (NASDAQ: ARRY) between October 14, 2020 and May 11, 2021 (the “Class Period”).
If you purchased securities from Array during the Class Period, would like to discuss Berger Montague’s investigation, or have any questions regarding your rights or interests, please contact Lawyers Andrew Abramowitz at [email protected] or (215) 875-3015, or Donnell Much at [email protected] or (215) 875-4667, or complete the form at www.bergermontague.com/array.
Array, based in Albuquerque, New Mexico, manufactures ground mount 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 offers – Array et al. Senior management did not inform investors that, going 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, the defendants’ statements about its activities and operations lacked a reasonable basis.
On May 11, 2021, investors learned the truth about rising steel and freight costs that were hurting the company’s profits. On that date, Array reported disappointing first quarter 2021 results and withdrew its outlook for the year 2021, citing increases in steel and freight costs. On this news, Array’s share price fell $ 11.49 per share – over 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’s whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of the recoveries obtained by the SEC. For more information, contact us.
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Berger Montague, with offices in Philadelphia, Minneapolis, Washington, DC 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 of five decades and acts as a senior advisor. in courts across the United States.
Contacts
Andrew Abramowitz, Senior Advisor Berger Montague (215) [email protected]
Donnell Much, partner Berger Montague (215) [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86546
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