The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Array Technologies, Inc. (NASDAQ: ARRY) : (a) securities between October 14, 2020, and May 11, 2021 and (b) common stock pursuant, or traceable, or both, to: (i) the registration statement and prospectus issued in connection with the Company’s October 2020 initial public offering; or (ii) the registration statement and prospectus issued in connection with the Company’s December 2020 offering; or (iii) the registration statement and prospectus issued in connection with the Company’s March 2021 offering; or (iv) any combination of the initial public offering, December 2020 offering, or March 2021 offering.
According to the Array Tech lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: Defendants repeatedly and consistently painted a materially misleading picture of the Company’s business and prospects that did not reflect rising steel and freight costs. After the October 2020 initial public offering, the December 2020 offering and the March 2021 offering, 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. As a result of Defendants’ wrongful acts and omissions and the precipitous decline in the market value of the Company’s securities, shareholders have suffered significant losses and damages.
If you suffered a loss in Array Tech you have until July 13, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn\'t require that you serve as a lead plaintiff.
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