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The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Array Technologies, Inc. (NASDAQ: ARRY) who purchased : (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. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Array Tech lawsuit alleges 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.
Shareholders have until July 13, 2021 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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