The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Align Technology, Inc. (NASDAQGS: ALGN) who purchased shares between April 25, 2018 and October 24, 2018. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Align Technology lawsuit alleges that (1) at the beginning of the year the Company changed its North American Advantage Customer Loyalty Program by extending the discount qualification period from quarterly to semi-annual and created additional incentive tiers which was intended to, and did, result in “higher overall discounts” for its doctor customers and substantial reduction of the average sales price (ASP); (2) in Q3 the Company initiated a new Invisalign product promotion that resulted in substantial reduction of its ASP; (3) the promotions and discounts would materially impact net income as a result of reduced profit margins; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Shareholders have until January 4, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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